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Spreadsheet errors to hit profits at Joules

Tuesday 14th January, 2020

British clothing company Joules and has had a reduction in its 2019-20 profit forecast due to a manual stock allocation error.

The error meant that the retailer did not have the required stock available, this was enough to knock this year’s profit by £3.5m.

It was unexpected because the trading statement before Christmas was positive.

Spreadsheet errors meant that there was too much stock in the stores and not enough allocated for the website, so online customers could not buy the items they wanted.

Controls have been tightened and hopefully the problems will not occur again.

On top of the stock problem, the profit forecast is being reduced because of dual running costs as a new US warehouse starts to get up and running, according to UK Investor Magazine.