Clarks reported total revenues of £901.3 million for 2024 a drop of 9.4% compared to £994.5 million the year before. Operating losses stood at £18.1 million, a slight improvement from £20.3 million in 2023.
Clarks, the well-known UK-based footwear company, has let go of over 1,200 employees in fiscal year 2024. The news came from the company’s latest annual report filed with Companies House.
By the end of the financial year, Clarks had 6,161 employees down from 7,413 the previous year. Among the roles cut, around 220 were global corporate positions.
The layoffs happened during a leadership shake-up. CEO Jonathan Ram stepped down in April 2024, along with several other top executives. Since then, an interim executive committee has taken charge. Clarks says a new CEO will be named soon.
The company’s retail stores in the UK and U.S. didn’t do as well as expected. Clarks pointed to cautious spending habits, fewer store visits, and lower conversion rates.
On top of that, heavy promotions reduced profit margins. However, the second half of the year showed some improvement thanks to better marketing and new product lines.
In wholesale, the results were more stable. Sales were mostly flat compared to last year, with the U.S. remaining the biggest wholesale market. In the UK, off-price deals helped boost volume, but profits took a hit. Meanwhile, in Europe, many customers had too much old stock, leading to weak demand and fewer reorders.
Clarks says it’s now focused on clearing old inventory and fine-tuning its product mix to attract more customers.
