Clarks sees profits surge
05 September 2011 10:24
Shoe-shop chain Clarks has bucked the gloom on the high street with a strong surge in annual profits and sales.
The Somerset-based company saw profits leap above the £100 million mark in its last financial year according to accounts filed at Companies House and seen by the Sunday Times.
C&J Clark recorded turnover of £1.28 billion, a 9.2% increase on the previous year, with European sales up more than a third and US revenues ahead more than 10%. Britain, however, is still its biggest market.
Clarks shoes are traditionally popular with school children and the over-60s, but this has changed recently as demand for its desert boots surged.
The product was name-checked in a rap song by Jamaican artist Vybz Kartel.
The company reportedly shared a £30 million dividend between 400 members, most of whom are in the Clark family, with the lion's share going to a small core led by Lance Clark, who control 25%.
The strong results come at a time when the retail sector is suffering from weak consumer confidence and a squeeze on household incomes.
The company has enjoyed strong growth overseas with just under one million pairs of Clarks shoes being sold in China during the year to the end of January.
The company also expanded into India for the first time, launching stores in Delhi, Mumbai and Bangalore.
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