TIDMJOUL
RNS Number : 1487Y
Joules Group plc
11 May 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION (EU) NO 596/2014
11 May 2021
Joules Group plc
('Joules' or the 'Group')
Business & Trading Update
Positive performance across retail channels resulting in
anticipated FY21 revenue and PBT ahead of expectations
Joules, the premium British lifestyle brand, today provides a
business and trading update for the 11 months to 2 May 2021 (the
"Period"). This follows the UK Government's announcement yesterday
confirming the timetable for the easing of restrictions across the
hospitality and leisure sectors over the coming weeks.
Since the Group's Interim Results on 27 January 2021, Joules has
continued to deliver a positive performance across its retail
channels that have been able to trade within the context of the
UK's lockdown restrictions. This positive performance has been
driven by continued strong sales on the Group's digital platform,
an encouraging initial contribution from the acquisition of Garden
Trading Company Limited ("Garden Trading") in February, and the
performance of the Group's stores since their reopening from
mid-April.
Notwithstanding the continued uncertainty impacting the retail
sector, the Board is encouraged by this momentum across retail
channels, as well as by the confirmation of the further easing of
lockdown restrictions in England by the UK Government, and now
anticipates that the Group's revenue and profit before tax for FY21
will be ahead of current analyst consensus expectations*.
Business update
E-commerce has continued to deliver strong growth, with demand
on Joules' own websites growing approximately 50% year-to-date
against the comparable prior year period, up from the 47% growth
reported for the first half of the financial year.
Friends of Joules, the Group's digital lifestyle marketplace of
third-party brands, has continued its strong growth momentum,
reflecting the increased number of curated products and ranges now
available to Joules' growing active digital customer base.
Stores have performed ahead of management's expectations since
re-opening following the third national lockdown, with sales for
the four weeks since reopening ahead of the comparable period two
years ago. This pleasing performance reflects a combination of
pent-up consumer demand as well as the attractive, predominantly
lifestyle locations of the Group's store estate.
Since the Group's Interim Results, Joules has opened new
locations in North Berwick and Centre Parcs Woburn and Longleat -
the first of five Centre Parcs locations due to open over the
coming months - and relocated two stores to brand-enhancing
locations in Beverley and Cirencester.
Garden Trading has performed ahead of expectations over the
first three months since the acquisition, with sales up 85% against
the comparable prior year period. This encouraging performance
reflects the strength of Garden Trading's home, garden and outdoor
product offer, its growing digital customer base, and the
underlying market growth in this attractive market. The integration
of Garden Trading's support functions has now been successfully
completed in line with the Group's post acquisition plans.
Financial position
The Group has maintained its strong financial position and on 6
May 2021 announced that it had extended its GBP25 million revolving
credit facility with Barclays Bank Plc to September 2024 and
converted the facility to an ESG-linked financing arrangement,
providing further liquidity headroom certainty and further
solidifying its commitment to the Responsibly Joules ESG
priorities.
* As at 10 May 2021, FY21 company compiled analyst consensus was
for: Revenue GBP187 million and PBT pre- exceptional items GBP4.1
million
Nick Jones, CEO of Joules commented:
"We are delighted with the Group's continued momentum, which
reflects the strength of our product proposition, the flexibility
and diversification of our business model, and the relevance of our
brand to an increasing number of customers.
Our digital proposition continues to go from strength to
strength and we have been very pleased with the performance of our
retail stores since their re-opening. This has been a great
testament to the growing appeal of the Joules brand, the
attractive, lifestyle locations of our store portfolio and the hard
work and dedication of our colleagues across the business during
this time.
Although the past 12 months have been incredibly challenging for
the retail sector, I truly believe that Joules is now in an even
stronger position than ever before. We have an increasingly
digital-led business, more diversified income streams and a broader
product proposition that is highly relevant to our customers'
lifestyles.
Whilst the retail sector will continue to face near and
medium-term challenges as a result of the pandemic, we look forward
to the future with confidence, underpinned by the strength and
relevance of our brand and business model."
Enquiries:
Joules Group plc Tel: +44 (0) 1858 435 255
Nick Jones, CEO
Marc Dench, CFO
Peel Hunt LLP, Nominated Advisor and Tel: +44 (0) 20 7418 8900
Joint Broker
George Sellar
Andrew Clark
Will Bell
Liberum Capital Limited, Joint Broker Tel: +44 (0) 20 3100 2000
John Fishley
Edward Thomas
Hudson Sandler (Financial PR) Tel: +44 (0) 20 7796 4133
Alex Brennan
Lucy Wollam
Joules - a premium lifestyle group with an authentic British
heritage
Joules is a premium lifestyle brand and group with an authentic
heritage and values of family, fun and joy in the countryside.
Joules creates and curates exceptional products that brighten
the lives of its customers, delivered through leading digital
platforms and supported by enticing experiences and stores that are
located in desirable locations relevant to the Joules customer's
lifestyle.
The Joules story began in 1989, when Tom Joule started selling
clothing on a stand at a country show in Leicestershire. Today, the
business designs and sells Joules branded clothing, footwear and
accessories for women, men and children as well as collections of
homeware, toiletries, lifestyle and pet product ranges that are
carefully designed and developed through selected licensing
partnerships. Each collection comprises Joules' distinctive use of
humour, colour and unique prints, each of which is hand-drawn by
the brand's talented in-house print design team at its headquarters
in Market Harborough, Leicestershire.
Joules' distinctive design-led products are complemented by an
increasingly broad customer offer provided through its digital
marketplace Friends of Joules that enables third party brands to
offer curated, complementary products to the Joules customer base,
enhancing Joules' digital platform with thousands of products from
hundreds of creative businesses to give customers everything they
could ever need for a contemporary country lifestyle.
The Joules brand caters to its 1.5 million active customers
through its own digital platform, its retail stores in the UK and
at country shows and events. Joules extends its brand reach through
well-established third-party relationships - concessions, online
marketplaces and traditional wholesale - in the UK and
internationally.
Internationally, the brand has made good progress in its target
markets of the US and Germany, where the distinctive Joules brand
and products range resonate well with local customers.
International markets are served by wholesale partnerships and
dedicated Joules websites.
In 2021, Joules acquired leading digital home and garden
retailer The Garden Trading Company, strengthening its position in
the important and fast-growing home, garden & outdoor category.
Similarly inspired by the British countryside, Garden Trading
designs and sells distinctive products through its own e-commerce
platform and wholesale partnerships with more than 1,000 stockists
across the UK.
www.joules.com
www.gardentrading.co.uk
www.joulesgroup.com
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