Footwear Giant Takes Action to Support Families

  • Clarks freezes school shoe prices at 2023 levels
  • Reduces price of a third of new back-to-school collection
  • Offers ‘buy together save together’ bundle for kids trainers
  • Introduces ‘fit guarantee’ for school shoes
  • Up to 60% off in summer sale
  • Pre-tax loss of £39.8m in the year to Dec 2022, down from £35.9m profit in 2021
  • Plans to cut over 150 jobs due to weakened demand and rising costs

Clarks, the footwear giant, is taking steps to help families cope with the cost-of-living crisis by freezing school shoe prices at 2023 levels and reducing a third of its new back-to-school collection. They’re also offering a ‘buy together save together’ bundle on kids’ trainers and a ‘fit guarantee’. Last month, they launched a summer sale with up to 60% off selected styles. Despite these efforts, the company reported a pre-tax loss of £39.8m in the year to December, down from a profit of £35.9m the previous year. In response to weakened demand and rising costs, Clarks plans to cut over 150 jobs.

Factuality Level: 8
Factuality Justification: The article provides accurate information about Clarks’ efforts to help families with rising costs and their current promotions. However, it includes a tangential mention of Nike’s situation which may not be directly relevant to the main topic.
Noise Level: 4
Noise Justification: The article provides some relevant information about Clarks’ efforts to help families with rising costs and their sales performance, but it also includes unrelated information about Nike’s situation in the sportswear industry.
Financial Relevance: Yes
Financial Markets Impacted: Clarks, Nike
Financial Rating Justification: The article discusses Clarks offering discounts and a ‘fit guarantee’ to help families with the rising cost of living, which impacts their sales and financial performance. It also mentions Clarks’ pre-tax loss and job cuts. Additionally, it touches on the impact of weakened consumer demand on Nike’s position in the sportswear industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article. The information provided discusses Clarks’ efforts to help families with rising costs and the company’s financial situation.

Reported publicly: www.retailgazette.co.uk