Joules chief executive to resign after five years in charge of fashion retailer
Joules chief executive Colin Porter has announced plans to retire after five years in charge of the fashion retailer.
Shares slid more than three per cent after Porter, who has been with the business since 2010, revealed he would resign before the end of the next financial year.
Read more: Joules boss Colin Porter to take on role as Moss Bros chairman
The lifestyle brand, celebrating its 30th birthday this year, reported a double-digit profit rise in its recent half-year results as online trading boosted sales.
Earlier this month Porter was made a non-executive director of men's tailoring giant Moss Bros and will become chairman next month.
While the exact timing has not been confirmed, Joules said Porter would leave before the end of the financial year ending in May 2020.
A process to find his successor has already begun, the company said this morning.
Porter said: “Since joining Joules in 2010, the company has grown significantly.
“This reflects the strength of the brand and the skill and commitment of the entire team across the business.”
He added: “I remain as committed as ever as we continue to focus on delighting our customers and delivering our strategy to further expand the Joules brand.”
Despite the strong results, in the 26 weeks up to the end of November, Joules warned the rise in online sales had eaten into its margins, sending shares slightly down.
The premium lifestyle brand’s strong sales continued over Christmas as it bucked the downward retail trend.
Read more: Joules sales boosted by strong online trading
Like-for-like sales rose 11.7 per cent in the seven weeks to 6 January compared to the same period the previous year, again led by strong online sales.
The retailer said it continued to expand internationally, with strong trading in the US and Germany – a strategy which Porter will oversee for the remainder of his tenure.