Joules boss steps down

THE boss of Joules will quit the fashion retailer as it also warned the soaring cost of living has hit profits.

Shares fell 28pc after Nick Jones revealed that he will step down as chief executive in the first half of the next financial year, after three years at the business.

The shares have fallen more than 80pc over the past year. Joules said that it will start its search for a new boss ‘immediately’.

It said challenging market conditions and weak consumer confidence have affected recent trading.

‘Joules has not been immune to these sectorwide pressures, which have led the group’s profit performance to fall below management’s expectations,’ the company added.