Joules boss to quit after profits blow

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

Shares in the firm fell by more than a third after the news.

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. His departure comes after the company’s share value tumbled by more than 80% over the past year.

On Wednesday, the company also said weak consumer confidence had “led profit performance to fall below management’s expectations”.