Joules CEO to step down as profits are hit by cost of living crisis
Joules has posted a 20% increase in revenue in the 13 weeks to 1 May, although its profit has come in below management’s expectations for the period.
In a statement, Joules said profit has been impacted by an increasingly promotional environment with reduced demand for full price items as well as subdued sales of home and garden products. The retailer’s third party sales have also been weaker than expected across a number of key UK accounts.
Looking ahead, Joules said it will continue to focus on accelerating plans to improve profitability and cash generation through cost restraint and the clearance of aged stock.
Nick Jones, chief executive of Joules, said: “Building on the strategic progress made so far, over the coming months we will continue to deliver against the clear priorities that the board and I believe will create a strong foundation for Joules to achieve its significant long-term potential, as well as helping the business to navigate the current challenging trading environment.”
Joules has also announced that Jones will be steeping down after three years in the role during the first half of its next financial year. During his tenure, Joules launched and expanded its Friends of Joules marketplace and saw its active customer base and brand awareness reach new highs.
Ian Filby, non-executive chairman of Joules, said: “On behalf of the board and everyone at Joules, I would like to thank Nick for his significant efforts over the last three years. He has led the business with integrity, care, and energy during what has been a particularly challenging period for the retail sector, including during the Covid-19 pandemic.”
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