Clarks slashed over 1,200 roles as revenues fell by nearly £100m in its latest financial year.
The footwear specialist’s headcount dropped from 7,413 to 6,161 during the last year, according to accounts filed with Companies House, as Clarks reported a £39.2m pre-tax loss.
Sales were also down from £994.5m in 2023 to £901.3m over the period.
Clarks explained that an impairment of £32.1m of right-of-use assets and store property plant and equipment had “significantly impacted” its annual results.
The retailer noted that its “focus” was to “return to sustainable sales growth combined with a cost-focused attitude to delivery healthy store profitability in 2025”.
Clarks described 2024 as “a year of transition within the business, as internal and external factors created a variety of challenges”.
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It added: “Significant changes have been made to the operations in the year to right size the overhead cost for the current business size, refocus the marketing approach, reposition the product assortment and set up the business for recovery and sustainable profitable growth in 2025.”
The results follow Clarks’ ex-CEO Victor Herrero returning into a “steering committee,” led by chair Colin Li, in September to help run its day-to-day operations as it looked for a new boss.
Herrero previously served as Clarks CEO from February 2021 until exiting the company nine months later to be replaced by Jon Ram, Retail Week reported.
The retailer has not yet hired a new CEO, while Clarks is currently being led by an interim executive committee.
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