LONDON (Alliance News) - Joules Group PLC on Tuesday reported growth in profit in the first half of its financial year, as revenue grew both in the UK and internationally, and it announced payment of its first dividend.
The clothing, accessories and homeware retailer said pretax profit in the 26 weeks ended November 27 almost doubled to GBP6.9 million from GBP3.8 million the year before, as revenue grew to GBP81.4 million from GBP70.1 million.
Joules said retail revenue increased by 16% on the back of 30% growth online and 11% growth in store. Wholesale revenue was up 17%.
Geographically, UK revenue rose by 14% while international revenue increased by 39%. The international division now accounts for 11% of overall group revenue.
The group's active customer base grew by 30% to 922,000.
Joules added that it has continued to trade well in the second half so far, with retail sales over the Christmas period covering the seven weeks to January 8 up 23% year-on-year.
Joules will pay an interim dividend of 0.6 pence - its first dividend since listing in London last year.
"Group trading over the Christmas period and in the second half of the year to date has been strong and in line with expectations. The board remains confident in the brand's continued development both in the UK and internationally," Chief Executive Colin Porter said in a statement.
Joules noted that the majority of its product purchases are US dollar denominated, but said it is currently hedged for the balance of the current and subsequent financial year, which should mitigate the effect of the weak pound.
Shares in Joules were trading up 0.7% at 222.00 pence on Tuesday.
By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews
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