The beleaguered business said that its worldwide pre-tax profits for the year ended in March were £97 million, a decrease of nearly 43% from the prior year.
Moreover, revenue fell 12% to £877 million from well over £1 billion in 2022–2023.
The British company attributed its poor results on sluggish consumer demand and a 17% decline in boot sales in the US, which is its biggest market.
The chief executive, Kenny Wilson, recently announced his resignation and described the outcome as “as expected”.
As we begin this year of transition, I have no doubt that the steps we are doing will prepare us well for the years to come.”
“Organisational efficiency and design, better procurement, and operational streamlining” were the ways the company said it intended to help resuscitate its finances by saving up to £25 million. Launched in October, the company’s new UK shoe repair service has received “very encouraging” feedback, according to the report on its preliminary findings released on Thursday by the firm.
Its fortunes, it stated further: “We will look to roll this out in our other key markets in the future.”
