Joules share price crashes on the back of profit warning

The share price at Market Harborough retailer Joules has crashed this morning (February 1) after the firm issued a profit warning on the back of rising costs.

At 10am, Joules shares were changing hands for just over 70p each – down almost 40.5% on their opening price.

The news comes after Joules warned this morning that its profits for the year would be below management expectations and come in at around the £5m mark.

The firm is blaming the Omicron variant for pushing down footfall in its stores combined with challenges facing the global supply chain and higher prices paid its third party-operated distribution centre.

Joules said this morning that it will raise the price of its Spring/Summer 2022 collection to try and counteract these headwinds.