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Clarks Finalizes Major Restructuring After £39.2m Loss

Clarks’s interim leaders have completed a sweeping cost-focused overhaul following a £39.2 million loss, with plans to name a permanent CEO to steer the retailer back to profit.

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Overview

  • The company reported a £39.2 million pre-tax loss in fiscal 2024, down from a pre-tax loss of £39.8 million the previous year, on revenues of £901.3 million.
  • Over 1,200 roles were eliminated during the restructuring, reducing headcount from 7,413 to 6,161 and cutting approximately 220 global corporate positions.
  • An impairment charge of £32.1 million on right-of-use assets and store property, plant and equipment significantly weighed on annual results.
  • An interim executive committee has overseen operations since CEO Jonathan Ram’s departure in April 2024, and a new chief executive officer is expected to be appointed in due course.
  • The group is focused on sustainable sales growth and healthy store profitability in 2025 through continued cost discipline and operational reforms.