Footwear retailer Clarks has recorded a rise in profits following "a period of recovery and repositioning".

The 197-year-old company, which has stores in Gloucester and Cheltenham, reported operating profit of £61.7million for the year to January 29, 2022, up from a loss of £162.2m in 2020/21.

Profit before tax was £59.6m, compared with a loss of £162.6m in 2020/21.

Profit after tax was £55.4m compared to a loss of £181.8m the previous year.

Its turnover grew 18.7 per cent year-on-year from £775m to £920.3m.

The retailer achieved the improvements through reduced discounting and a change in product and channel mix during the period.

It also witnessed a reduction in overhead costs resulting from the five-year transformation programme, as well as a reduction in reorganisation and refinancing costs.

The company said it plans to return turnover to pre-Covid levels over the next three years.

A spokesperson for Clarks said: "The results for the year reflect a period of recovery and repositioning for Clarks, while still being impeded by the continued impacts of the Covid-19 pandemic.

"Although the global economic climate remains uncertain, we're pleased to report a steady recovery and increase in consumer demand across all our markets, with profit after tax of £55.4 million.

"In the current financial year, we've appointed a new CEO, Jon Ram, and we are focused on a business strategy designed to grow our business in current and new markets, and to build a foundation for sustainable growth in the years ahead."

In May 2020, the brand announced it would cut 900 jobs as part of its 'made to last' strategy to revitalise the business through the pandemic.

Hong Kong-based LionRock Capital completed a £100m deal for a majority stake in the business in February 2021, which Clarks said it had allowed it to turn the business around and had saved jobs and stores.