Joules defies high street gloom with push into handbags

JOULES, the retailer, continues to defy a meltdown on the high street as a push into handbags and purses helped profits to soar.

Pre-tax profits marginally beat analyst expectations for the year to May 27, rising 29pc to £13m as it continued to diversify the business towards homeware and lifestyle products.

Joules, known for its bright outdoor clothes and spotted wellies, opened 17 shops during the period. The retail chain said it had recorded “good growth” in the first weeks of the new financial year and had received positive feedback from wholesale customers on its spring and summer ranges.

Colin Porter, the chief executive, said sales of tweed and leather handbags were “very strong”, while its Chelsea boots and high summer sandals had performed well.

Dillard’s, the US department store, rolled out Joules womenswear in 100 stores this year, helping Joules’s international sales rise 40pc to £25m.

Sales from stores rose 10pc to £75m. Total revenues climbed 18pc to £186m over the period. Joules’s online and wholesale performance also proved strong, rising 28pc to £50m and 24pc to £56m respectively.