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Joules boss dismisses Brexit slowdown concerns with full year profits increase

Published 07/09/2016

Joules boss Colin Porter said the firm will open 10 to 12 UK stores annually
Joules boss Colin Porter said the firm will open 10 to 12 UK stores annually

The boss of newly listed retailer Joules has brushed off concerns of a Brexit slowdown on the high street as the firm notched up an impressive rise in full year profits.

Colin Porter said it was business as usual following Britain's decision to quit the European Union.

"For a few days after the announcement there was a bit of a slowdown, but since then it's been business as usual," he told the Press Association.

Mr Porter made the comments as Joules posted a 14.2% rise in revenues to £131.3 million and 41.5% increase in pre-tax profits to £7.5 million.

He added that the firm will continue to grow, opening 10 to 12 UK stores per year.

Overseas turnover increased 24.7% to £13.2 million, with international now representing over 10% of overall group sales. Joules has a strong presence in Germany and North America.

The company floated on London's junior market in May and saw founder Tom Joule pocket £40 million as he trimmed his 80% stake to below 50%.

Mr Joule founded the fashion retailer in 1989 and today it operates around 100 stores in the UK and Ireland.

Mr Porter added: "Group trading to date in full year 2017 has been in line with expectations and early feedback on our Spring/Summer ranges from our trade customers has been positive.

"The group has a clear growth strategy, underpinned by the consistent quality and design of our products and the skill and commitment of our enterprising team."

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