Joules CEO Nick Jones to step down

Joules Group has announced that after three years with the company, chief executive officer Nick Jones will step down from the role during the first half of the next financial year.

Commenting on the development, 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.”

Joules updates on strategic measures and financial performance

The group also announced that to simplify the business and optimise the cost base, it is exiting the traditional wholesale model in the USand EU from SS23 onwards and introducing higher minimum order quantities in the UK. The group is also on track to reduce its exposure to China to less than 50 percent of historic levels in AW23.

Since the interim results, the Joules Group has continued to deliver revenue growth of approximately 20 percent for the 13 weeks to May 1, 2022.

However, due to the challenging market conditions during and following the Easter period, the company expects profit performance to fall below management's expectations

Outgoing CEO Nick Jones 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.”.