British lifestyle brand Joules (LON:JOUL) updated investors with positive news on Wednesday, after the company saw sales rise by over 20 percent in the Christmas trading period.
Joules updated the market on performance in the seven-week period to 8th January 2017, in which total retail sales rose 22.8 percent against the same period last year. It added that retail gross margin rate, over the same period, is also expected to be marginally ahead of the prior year, reflecting “strong growth across both the Store and E-commerce channels”.
CEO Colin Porter commented on the results:
“This strong outcome over the important Christmas trading period reflects the growing awareness and strength of the Joules brand.
“The success of our disciplined, multi-channel, sales strategy across this important trading period is made possible by the dedication and commitment of our team. I would like to take this opportunity to thank them all for their hard work.”
The country clothing brand floated on the stock market in May 2016, valued at £140 million.The company’s IPO price was 160 pence per share and has steadily grown in value, currently trading at 224.75 (0914GMT).
Founder Tom Joule started the company in 1989 aged 21, and reduced his stake in the company from 80 percent to 32.3 percent after the float. In 2013, 20 percent on the company was bought by Lloyd’s private equity arm, LDC, to help fund expansion.
The business, based in Market Harborough, Leicester, now has 98 stores across the UK and Ireland, including five concessions in John Lewis and Debenhams.