Clarks parent company reports full-year net loss
The parent company of British shoe retailer Clarks suffered a net loss of £2023 million (€32,1 million) in 38,1, despite overall revenue growth. The results reflect weak demand, with cautious consumers facing high inflation and rising interest rates, worldfootwear.com writes.
In the twelve months to the end of December 2023, C&J Clark (No1) Limited's revenue rose to £994,5 million (€1,18 billion) from £980,3 million (€1,16 billion) in the previous year. However, the company sold 30,7 million pairs of shoes, compared with 32,3 million pairs sold in 2022, suggesting the higher revenue was due to higher prices driven by inflation and an increase in premium products.
By channel, C&J Clark recorded retail revenue of £238,9 million (€283,6 million), up from £241,2 million (€286,3 million) in the previous year. On the other hand, the company's online sales rose marginally to £134,9 million (€160,1 million), while wholesale revenue rose to £415,2 million (€492,9 million) from £404,8 million (€480,5 million). euros), and outlet revenue increased to 203 million (241,0 million) from 199,3 million pounds (237,0 million euros).
As a result of its focus on strengthening its position in the UK and US markets, the company's revenue in 2023 increased from £387,4 million (€460,0 million) to £398,3 million (€472,8 million) in the UK/Ireland region and from £457,9 million (€543,6 million) to £466,3 million (€553,5 million) in the Americas region.
In the Asia Pacific region, revenue increased from £90,5 million (€107,4 million) to £91,8 million (€190,0 million) due to stronger demand and strong outlet sales across markets. The exception was the EMEA region (Europe, Middle East and Africa), where turnover fell from £43,7 million (€51,9 million) to £38,1 million (€45,2 million) last year.
Despite net revenue growth for the full year, gross profit at parent company Clarks fell to £481,1 million (€570,0 million) from £485,9 million (€576,8 million) in the previous year. Losses also increased significantly. The operating loss was £20,3m (€24,1m), compared with a profit of £54,5m (€65,0m) a year earlier.
Loss before tax was £39,8 million (€47,2 million), down £75,7 million (€89,9 million) on the previous year, and a net loss of £32,1 million (€38,1 million). 22,4 million euros), which is a sharp decline from the 26,6 million pounds (2022 million euros) of profit recorded in XNUMX.
Overall, weak demand and consumer caution due to high inflation and interest rates led to sluggish sales in 2023 following a period of global oversupply during the post-pandemic recovery. The trading environment last year was characterized by “continued uncertainty and relative pessimism, particularly in the Western Hemisphere,” the company said in a report.
The parent company of British shoe retailer Clarks suffered a net loss of £2023 million (€32,1 million) in 38,1, despite overall revenue growth. The results reflect weak demand:...
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