EU Import Duties Slash UKClarks' Profits
Anti-dumping tariffs imposed by the European Union (EU) on footwear imports from Vietnam and China have led to a decrease in the UK C&J Clark shoe group’s earnings, said the Scotsman newspaper.
Clark’s profits in January this year reduced to £69.4 million (US$136.9 million), compared with £71.9 million (US$141.9 million) in January last year, although its revenues grew to £972.7 million from £921.4 million.
Chairman Peter Davies said last year was the significant change and challenge to Clark as the EU imposed the tariffs of 10 per cent and 16.5 per cent on footwear imports from Vietnam and China, respectively.
“Due to the adverse impact, the company is estimated to lose £4.8 million in profit, the figure for the next year will be £13 million of lost profit,” he was quoted as saying.
Clarks is now operating 500 shops in the UK, employing more than 12,000 workers in the world and produces around 40 million pairs of shoes every year. (VNA)
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