Clarks to cut 150 more jobs
In connection with growing losses British shoe manufacturer Clarks intends to reduce staff. A reduction of 150 office jobs is planned. Clarks closed 2023 positions in 103, writes Worldfootwear.com.
The unpopular measure is expected to affect staff at Clarks' global offices, including its UK head office in Somerset and its US base in Massachusetts. The company also has offices in Shanghai, Tokyo, Singapore and Paris.
Despite Clarks' 2023 sales growth of 1,4% year-on-year, the company's earnings took a significant hit. The operating loss was £20,3 million (€24,1 million), compared with a profit of £54,5 million (€65,0 million) in the previous financial year. The net loss was £32,1 million (€38,1 million), a sharp decline from a profit of £22,4 million (€26,6 million) in 2022.
The company attributed the unsatisfactory business results to weak demand, overstocking of inventories at wholesale partners, rising advertising costs and inflationary pressure on product costs. “The combination of the above factors resulted in the loss after tax falling below target and below last year’s level. The business and trade environment at the end of 2023 is characterized by continued uncertainty and relative pessimism, particularly in the Western Hemisphere,” Clarks commented.
Due to growing losses, the British shoe manufacturer Clarks intends to reduce staff. A reduction of 150 office jobs is planned. In 2023, Clarks closed 103…
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