Celebrating its 100th anniversary, footwear retailer Charles Clinkard reports increased sales and profits.
- The company’s turnover rose from £36.1m to £37.9m, marking a successful centenary year.
- Operating profits also increased, demonstrating resilience in a competitive market.
- Store closures in Middlesbrough and Redcar reflect strategic adjustments to consumer habits.
- Financial director highlights a focus on multi-channel retail to sustain growth.
Celebrating a century in business, Charles Clinkard, originally founded by Charles and Eveline Clinkard in 1924, has announced increased sales and profits, reflecting a successful 100th anniversary. The company’s turnover has grown from £36.1 million to £37.9 million, a testament to its enduring appeal in the UK market. Operating profits also saw a rise from £1.215 million to £1.662 million, demonstrating the retailer’s resilience in a competitive marketplace.
Despite the positive financial results, the company has taken strategic decisions in response to evolving retail dynamics, closing its original store in Middlesbrough and another in Redcar. These closures indicate a shift in consumer shopping habits towards online platforms, prompting Clinkard to focus on bolstering its digital presence alongside its existing physical stores.
Financial Director, Jonathan Mankin, reiterated the ongoing challenges of maintaining the right locations and product offerings. He emphasised the importance of swiftly adapting to changes in the retail landscape and highlighting multi-channel retail integration to meet customer needs effectively. Mankin stated, ‘Our strategy is focused on enhancing our multi-channel retail offering, with significant investment in IT infrastructure.’
The closure of the original Middlesbrough store, a significant decision during the centenary year, aligns with the company’s focus on improving business performance in stronger markets. The move reflects a broader trend in the retail sector where adaptability to consumer behaviour is crucial.
The company reported a significant increase in cash generation from operations, rising from £700,000 to £1.8 million. Despite a decrease in cash reserves from £4.5 million to £3.8 million due to loan repayments, the company remains debt-free, positioning itself well for future growth and investment.
Through strategic adaptation, Charles Clinkard remains poised for continued success in its second century.
