Shoe retailer Clarks has reported a huge swing back to profit as stores reopened after Covid-19 restrictions eased and it secured a £100m rescue deal from an Asian private equity.
The 197-year-old firm, which is headquartered in Street in Somerset, saw turnover grow to £920.3m during the financial year to the end of January 2022 - up 18% from £775m 12 months earlier. Profit after tax also jumped to £55.4m from a loss of £180.2m in 2020-2021.
Clarks, which appointed former New Balance boss Jon Ram as its new chief executive in March, said it was able to deliver a year of “recovery and repositioning” despite the lingering impact of the pandemic on the global supply chain.
