Boden CEO steps down as retailer warns of tough year ahead
Boden chief executive Jill Easterbrook has quit after three years in the role, the retailer announced today, as the fashion brand warned 2019 profit would take a hit from investment in its multi-channel offering.
Easterbrook, a former executive at Tesco, will step down at the end of the year to develop a non-executive director portfolio, which already includes chairing the remuneration committee of Autotrader.
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The catalogue retailer has focused on building an e-commerce platform and targeting new revenue streams such as selling its products in department stores.
Boden said the continued investment in its website, new routes to growth and an organisational restructuring, including the appointment of its first chief customer and chief technology officers, would have an impact on profit in its 2019 results.
In 2018 the group saw sales rise 10 per cent to £383m. Pre-tax profit was £30m, up from £27m, driven by performance in the US.
Easterbrook said: “We delivered a strong result in 2018, growing well and delivering more profit than we planned, mainly driven by a very strong US market.
“2019 is proving challenging for the retail sector. We have felt the impact of ongoing consumer uncertainty.
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“This macro environment and our continued investment is likely to have a negative impact on profitability this year.
“However we are continuing to grow and believe that we have the foundations in place to build on our strong brand.”
Main image credit: Getty