In the financial year ending on 31st January last year, the British footwear brand Clarks increased its sales by 8%, achieving a 1.7 billion Pound (1.96 billion Euro) turnover, while it has suffered a significant decline in profits, that have slumped from 43% to 20 million Pounds (23.1 million Euros). Was this due to Brexit? Not only: in fact, this most recent financial year, seems to be identical to the previous one which ended with an 2.6% increase in turnover, while there was a 65% drop in operating profits. Therefore, 2016, represented the fourth consecutive year in which profits have fallen. Results that have caused British manufacturers and retailers to re-organise themselves, by sacking 170 employees working in British and American plants following the merger of marketing and product services on both markets. Another 60 workers risk losing their jobs in the British headquarters, in Street, in Somerset, where over 1,000 workers are employed. The company has commented on the figures resulting from the last financial year by defining these as “a moment of transition and significant challenge, with profitability hit by “difficult” trading conditions following the EU referendum, the American elections and the slowdown of the Chinese economic growth”.
Too much uncertainty, we’re British: in 2016 Clarks increased its sales, while its profits slump. This has happened for the past four years
