Joules CEO to step down as rising cost of living squeeze hits profits

Nick Jones

The CEO of Market Harborough retailer Joules has issued a profit warning and said that its CEO is set to step down.

Nick Jones will leave Joules in the first half its next financiual year after three years with the firm, which said he had helped it “navigate through an unprecedented trading environment, particularly during the Covid-19 pandemic”.

The search for Jones’s successor will begin immediately, says Joules.

Meanwhile, the company said that despite it showing strong growth of around 20% for the 13 weeks to May 1, marketing conditions have become more challenging during and following the Easter period and consumer confidence was impacted by the rising cost of living. Joules said it was “not immune” to these pressures, which had led to the group’s profit to fall below management expectations in full-price items, for gardening products and in third party sales.

The Joules board says it is “cautious” about its near-term outlook, but “confident” in the long-term.

Nick Jones, CEO 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 is a fantastic brand with great people, loyal customers, and a differentiated product offering. Underpinned by the strategic actions we are taking to optimise the business, Joules will emerge stronger and better positioned to achieve long-term, profitable growth.”

Ian Filby, non-executive chairman of Joules, added: “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.

“Under Nick’s leadership Joules has made good progress against its strategy to develop as a digital-led lifestyle group. More recently, he has led the business in implementing a number of important strategic initiatives that will underpin the Group’s future over the coming years.

“The board will now begin a search process for Nick’s successor and will share an update in due course.”

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