Clarks returns to profit in FY22 amid repositioning
The company has reported a ‘steady’ recovery and an increase in consumer demand across all markets
Clarks has announced it has returned to profit for the year ended 29 January 2022, with pre-tax profits rising to £55.4m compared to a loss of £181.8m in the previous year, following a period of recovery and repositioning.
Group operating profit also increased year-on-year from £162.2m to £61.7m, and group turnover grew from £775m to £920.3m.
The company’s net cash (borrowings) for the financial year also improved from -£70.9m to £99.7m.
A Clarks spokesperson told Retail Sector: “The results for the year ending 26 January 2022 reflect a period of recovery and repositioning for Clarks, while still being impeded by the continued impacts of the Covid-19 pandemic.
“Although the global economic climate remains uncertain, we’re pleased to report a steady recovery and increase in consumer demand across all our markets, with profit after tax of £55.4m.”
They added: “In the current financial year, we’ve appointed a new CEO, Jon Ram, and we are focussed on a business strategy designed to grow our business in current and new markets, and to build a foundation for sustainable growth in the years ahead.”
