AIM-listed firm's top-line grows 16%, as retail and wholesale divisions perform well
Companies: Joules Group Plc
Joules Group Plc (LSE: JOUL), the premium fashion retailer, released a half-year trading update on Wednesday reporting bumper revenue growth of 16.2% for the period.
The AIM-listed firm reported revenue growth of more than 15% in both its wholesale and retail divisions, with the wholesale business making solid progress with its customer accounts and partners in the US, and its retail business experiencing growth driven by strong performance in its stores and online:
"The Group has continued to expand its retail presence in line with its plans, with the opening of a net 10 new stores during the Period."
The company said the overall performance reflected the brand's "increasing footprint, growing customer base and the strong performance of both new and core ranges across product categories."
Joules' corporate broker Liberum said Joules had given a strong H1 update that highlighted its resilient business-model.
Colin Porter, CEO, said the Group had performed well throughout H1, delivering growth across all channels:
"This reflects the strong appeal and quality of our products as well as the appeal of the Joules brand to both new and existing customers.
Mr. Porter said the firm was positive about the second half of the year, despite the "uncertain macro-economic" outlook:
"We have seen strong growth in our wholesale order book for Spring/Summer 17 and we are well positioned for the Christmas trading period."
Joules share price fell c.5% in early trading.