The British fashion and lifestyle brand posted group revenue up 4.3% in the year to 30 May 2021 as digital sales soared.
The importance of licensing to British fashion and lifestyle brand, Joules has been further underlined this week as it revealed a strong sales performance for the year to 30 May 2021.
Joules achieved revenues of $199 million (FY20: £190.8 million) – up 4.3% – with strong ecommerce sales growth and the contribution of new acquisition Garden Trading more than offsetting the impact of the enforced store closures.
Ecommerce sales increased by 48% to £122m and excluding the contribution from home and garden retailer, acquired in February, they were up 43%, reported The Industry.Fashion.
‘Other revenue’ also doubled to £5.1 million, which reflects the strong performance of licensing deals and the Friends of Joules digital marketplace.
Joules has four nominations in the Brand & Lifestyle Licensing Awards 2021. Three of these are in the Product categories: Rosewood’s Mini-me Dog Collection is nominated for Inspired Innovation Brand Licensed Product or Range (main image); the Joules Fine China Range from Pure Tabletop is up for Best Brand Licensed Homewares, Kitchen & Tabletop Product or Range; and the Joules x Boots Children’s Toiletries from Boots will contest Best Brand Licensed Health & Beauty Product or Range.
Joules itself is also nominated for Best Licensed Fashion or Talent Brand.
Overall stores and shows sales were £36.6 million in the year (FY20: £63.2 million), which reflects the forced closures of the retail stores, as well as the cancellation of shows and events due to the pandemic.
During the fiscal year, Joules’ stores were closed for approximately six months compared with two months in the prior year.
The company did, however, manage to convert last year’s loss of £3.9 million into a profit before tax and exceptional items of £6.1 million.
The group also had 1.7 million active customers during the period.
“It is safe to say that FY21 was characterised by truly unprecedented trading conditions,” commented Nick Jones, ceo of Joules. “Against this backdrop, the Group delivered strong strategic progress, including growing our digital proposition, increasing our active customer base, and further diversifying as a leading lifestyle platform with the successful acquisition of Garden Trading and the continued expansion of Friends of Joules.
“At the centre of our growth strategy remains the strong Joules brand. During the year we continued to deliver on our brand’s clear mission and purpose – to brighten our customers’ lives and conduct business in a responsible way. As more and more consumers increasingly valued their leisure time spent outdoors and time doing the things they enjoy with the people they love, our brand has become increasingly relevant to a greater number of customers, reflected by brand health metrics reaching all-time highs.”