Charles Clinkard has announced successful financial results coinciding with its centenary year.
- Established in 1924 in Middlesbrough, the company now operates 42 stores across the UK.
- Recent accounts show turnover increased to £37.9m, with operating profits rising to £1.662m.
- Employee numbers have grown, yet two stores, including Middlesbrough, have closed recently.
- Finance Director Jonathan Mankin emphasised the importance of adapting to changing retail dynamics.
Celebrating its 100th year in business, Charles Clinkard—a footwear retailer originating from a single store in Middlesbrough in 1924—has released its financial results showing notable growth. The company’s turnover has climbed from £36.1 million to £37.9 million, alongside an increase in operating profit from £1.215 million to £1.662 million. This financial milestone is marked by an increase in employee numbers from 446 to 468.
The firm revealed a cash generation rise from operations amounting to £1.8 million, up from £700,000. However, cash reserves decreased from £4.5 million to £3.8 million due to the repayment of a Coronavirus Business Interruption Loan Scheme (CBILS) loan. Following the fiscal year conclusion, the company closed its original Middlesbrough store and another in Redcar, reflecting a strategic shift in response to evolving consumer spending habits on the high street.
Finance Director Jonathan Mankin commented on the challenges faced, emphasising the need for strategic location, right product mix, and responsiveness to retail changes. He indicated the firm’s focus on integrating multi-channel retail operations to meet consumer demands effectively. According to Mankin, “The company operates in a very competitive marketplace where it is important to ensure the correct product and service levels are consistently offered to the customers.”
Mr. Mankin also highlighted the company’s resilience in a competitive market, showcasing a 5.1% sales growth and a £600,000 increase in pre-tax profits. With the early repayment of the CBILS loan, the company is now debt-free and holds £3.8 million in cash reserves, positioning it for future growth. The strategic direction includes investments in IT infrastructure to enhance their multi-channel retail offerings, aiming for an optimal customer experience both in-store and online.
Despite the closure of two stores, Clinkard remains optimistic about its future, focusing on operational excellence, technology usage, and cost optimisation to improve its portfolio. Celebrating its centenary, the company underlines its commitment to service and quality, with a view of embracing innovation to keep pace with the dynamic retail landscape.
Charles Clinkard’s centenary year is marked by substantial financial achievements, reflecting its adaptability in a competitive market.
