A sparkle for Joules in the high street fuels cheer

Upmarket clothing brand Joules – noted for its “posh wellies” – is confident of another strong year after posting a one-third jump in underlying profits to £10.1 million yesterday.

The Market Harboroughbased group bucked woes seen among rival fashion retailers, with a 34 per cent hike in underlying pre-tax profits to £10.1m in the year to 28 May.

Revenues jumped 19 per cent to £157m as Joules, which is quoted on London’s Alternative Investment Market, said it had “strong brand momentum” despite what it called an uncertain economic backdrop.

Chief executive Colin Porter said: “2017 was another very exciting year for the group as the Joules brand continued to expand and develop across distribution channels and product categories both in the UK and internationally.” E-commerce sales climbed almost 30 per cent and store sales rose 17.5 per cent. Wholesale sales lifted by 20.3 per cent thanks to what Joules said was strong demand in the UK and overseas.