Joules plays up ‘Britishness’ to grow sales in America

Emphasising its British credentials paid off for Joules in its first half, the fashion retailer said today, as it stated an intention to keep prices stable next year.

Joules said sales rose 16.2% to £81.4 million in the six weeks to November 27, partly thanks to a strong performance in the US.

Finance boss Marc Dench said a plan to “overplay our Britishness” had worked, with customers there snapping up its signature colourful wellies.

New stores helped lift retail sales 15.8% to £56.7 million. Dench said Joules was not immune to the tough High Street conditions, but its shops tended to be in holiday destinations and more resilient than traditional shopping locations.

Wholesale revenues grew 17.2% to £24.5 million.

Joules is not intending to raise prices next year, Dench added, despite the weakness in sterling. Joules buys 90% of its goods in dollars, but is hedged until the end of 2017.

Joules shares, which have risen 26% since listing in May, were down 3.5p at 197.6p.