Shares in Dr Martens dived more than 27% Thursday after the company issued its fourth profit warning in 12 months, blaming lackluster demand from US wholesalers for its clunky boots and a slower start to the autumn-winter season.
Shares in the British company, which went public in 2021, hit a record low of 79.10 pence ($1) Thursday after the firm also scrapped its revenue guidance for the 2025 fiscal year.
For the first half of the year, the company said its wholesale revenue dropped 17% to $199.4 million ($251.9 million).
The company said it had offered small discounts on seasonal colors but would not mark down prices on its flagship black shoes.
Analysts forecast a range of $223.7 million—$240 million ($282.6 million—$303 million), according to numbers compiled by the company.
Persons:
Martens, we’ve, Kenny Wilson, Dr Martens, Wilson
Organizations:
Reuters
Locations:
British, United States, United Kingdom, Europe, Asia, Pacific