Joules : INTERIM RESULTS FOR THE 26 WEEKS ENDED 26 NOVEMBER 2017

'Further expansion of the brand across channels, product categories and target markets'

Highlights:	26 weeks ended 26 November 2017	26 weeks ended 27 November 2016	Increase
Group Revenue	£96.2m	£81.4m	+18.2%
EBITDA	£13.3m	£10.9m	+22.5%
Underlying1 Profit Before Tax	£9.3m	£7.5m	+24.3%
Statutory Profit Before Tax	£8.3m	£6.9m	+22.8%
Underlying Basic EPS2	8.5p	6.8p	+25.8%
Interim Dividend	0.7p	0.6p

• Group revenue increased by 18.2% year on year (17.5% in constant currency), driven by growth across retail and wholesale channels
  • Retail revenue increased by 16.2% with E-commerce sales up 19.7% and Store sales up 14.2%
  • Wholesale revenue increased by 23.0% (20.6% in constant currency)
• International revenue increased by 26.4% and now represents 11.3% of Group revenue
• Underlying EBITDA increased by 22.5% year on year with EBITDA margin increasing 40 basis points to 13.8%
• Net cash at the end of the Period was £3.0 million, an improvement of £1.4 million on the prior year
• Active³ customer base increased by 18% to 1,090,000
• Interim dividend of 0.7 pence (FY16: 0.6 pence)
• Retail sales over the Christmas period (seven weeks to 7 January 2018) up 19.2% year on year
• The Board now anticipates that full year profit will be slightly ahead of the range of analysts' expectations

Colin Porter, Chief Executive, commented:

'The Joules brand has continued to perform very well, delivering growth in customer numbers and further expansion across channels, product categories and target markets.

The creativity, energy and ability of our entire team remains critical to driving the business forward. I would like to take this opportunity to thank all colleagues across the world for their outstanding efforts throughout the Period.

Joules' brand, with its distinct heritage and values, underpins the Group's exciting growth potential as we continue to develop as a British lifestyle brand with broad international appeal. Whilst trading conditions look set to remain challenging across the sector, with our differentiated brand, unique product offer, loyal and growing customer base, exceptional team and well-invested infrastructure, Joules is well positioned for continued progress and expansion.'

¹ Underlying excludes share based payments and exceptional costs. In FY17, the exceptional costs related to the costs of admission to AIM. A reconciliation to reported (IFRS) results is included in the financial review below.

² Underlying EPS: underlying PBT less tax at statutory rate divided by the number of shares.

³ Active customer is a customer registered on our database who has transacted in the last 12 months.

⁴ Financial information in the front of this report has been rounded to the nearest decimal place. Totals in the tables may not equal the arithmetic sum of presented numbers. Percentages are calculated on non-rounded numbers and may not conform to the percentage derived from the rounded components.

⁵ This announcement contains inside information.

Enquiries:

Hudson Sandler (Financial PR)	Tel: [phone]
Alex Brennan Lucy Wollam

Joules - 'a premium lifestyle brand with an authentic British heritage'

Established in Britain by Tom Joule nearly three decades ago, Joules is a premium lifestyle brand with an authentic heritage.

A true multi-channel lifestyle brand, Joules carefully designs clothing, footwear and accessories for women, men and children, as well as an expanding range of homewares, toiletries and eyewear collections, with personality to match those of its customers' colourful and uplifting outlooks, available through its own retail stores, online, rural shows and events and wholesale channels.

Quality, Britishness, family values, colour and humour make Joules stand out from the crowd. This approach, along with an unwavering attention to detail, and drive to surprise and delight its customers with unexpected product details, remains at the heart of everything Joules creates and has been central to the brand's success and expansion.

www.joules.com | www.joulesgroup.com

Joules Fast Facts

• Joules is an international brand, available in the UK, USA, Germany, France and other European markets
• Joules operates 118* stores in the UK and ROI across a range of location types, has a significant online business, and a well-established wholesale business with over 1,500 stockists worldwide including John Lewis, Next Label, Nordstrom and Dillards
• Joules' talented in-house print design team lovingly hand-draw all of the prints you see within its collections each season
• Joules is proud of its British heritage and still has strong roots in Market Harborough, the site of its first shop and head office since day one
• Colin Porter became CEO in September 2015, with Tom Joule focusing on the creative side of the business in his capacity as Chief Brand Officer
• At the recent 2017 Drapers Awards, Joules won the Fashion Retail Business of the Year Award (£101m-£500m revenue) and also won the Mainstream Brand of the Year Award for the second year running.

* Figures are stated as at 26 November 2017