Shoe firm reports 3% rise in sales as turnover hits £27.3m

Jul 5 2008 by Peter McCusker, The Journal

A NORTH East shoe retailer has performed well in a testing economic environment recording a 3% sales growth in its last financial year with hopes for further improvement after buying 12 new stores.

The Clinkard Group, which is based in Stockton, recorded a turnover £27.3m – up 3.3% – in the year up to this January.

Company profits before tax rose significantly from £999,000 to £1.2m over the same period.

In February this year the company bought 12 stores from Stead & Simpson to add to its existing 22 outlets which stretch from central Scotland to Bristol.

The directors report in the annual accounts said: “The business continues to perform well and in line with our plans has seen further improvements in key areas.

“The retail business expanded during the year by opening a store in Darlington and purchasing 12 stores from Stead & Simpson in January 2008.

“The retail website has just completed its third full year’s trading, continues to produce excellent results.

“In the coming year the retail climate will be challenging, but from our secure platform we are confident of further development and particularly excited about integrating new stores.”

The business, which began in 1924 with the opening of a shoe shop in Middlesbrough, is run by the grandson of the founders current managing director Charles Clinkard.

The Clinkard Group has now grown to be one of the largest Independents in the UK.

The group consists of two components; Charles Clinkard, which is the retail arm, and Intershoe the wholesale operation

After purchasing the Stead & Simpson stores earlier this year Mr Clinkard, said: “We are an ambitious, forward-thinking organisation and the expansion takes our presence into untapped areas of the country.

“As a result of this acquisition The Clinkard Group is well-positioned in many of the key markets and can continue its growth strategy from a position of strength.”

No one from the company was available to speak on the results when contacted by The Journal.

From our secure platform we are confident of further development