Joules, the British clothing retailer, has announced the stepping down of its CEO Nick Jones as the company sees fall in profits for the 13 weeks to 1 May 2022.
Nick will step down after having served the company for 3 years.
Notably, in the period ended 1 May, Joules recorded a revenue growth of 20 per cent, with the net debt being around £22 million.
The profits, reportedly, fell below expectations with increased dependency on promotional activity and reduced demand for full price items.
Consequently, the margins through Joules’ own channels got affected as well.
Joules has substantiated by saying that market conditions have become more challenging during and following the Easter period with consumer confidence getting significantly affected by the increase in cost of living.
Meanwhile, Ian Filby, Non-Executive Chairman, Joules, thanked Nick on behalf of the Board and everyone at Joules, for his significant efforts over the last three years, wherein he led the business with integrity, care and energy.
Founded in 1989, Joules is a British clothing retailer, which sells clothing and homeware products inspired by British country lifestyles.
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