The first six weeks of Joules’ new financial year have seen retail sales growth of 8.5% year on year.
The news comes as the Market Harborough-based lifestyle group provides a trading update following the completion of its FY22 financial year on 29 May 2022.
Joules noted that due to additional cost reductions, it anticipates FY22 adjusted profit before tax and adjusting items to be slightly ahead of current market expectations.
The company added that it is “making good progress on its plans to improve profitability by simplifying the business and optimising the cost base.”
This includes implementing plans to reduce its global wholesale accounts to focus on long-term profitable partnerships, shorten product lead times, and diversify the group’s ethically sourced supplier base.
Joules has also received an extension to banking facilities.
As of 26 June, the group had net debt of £17.7m, giving £15m headroom within its banking facilities, and has now received credit approval for a further £5m headroom on its borrowing facilities with Barclays until November 2022 to support working capital requirements over the group’s forthcoming seasonal borrowing peak.
