Dr Martens Q3 sales fall 21%; Holds annual guidance

(Sharecast News) - UK bootmaker Dr Martens held full year guidance after third-quarter revenues slumped by a fifth, driven by a poor performance in the US and from its wholesale channel. The company, which issued a profits warning in November, posted revenues of £267m for the last three months of 2023, down 21%.

"Trading in the quarter was volatile and we saw a softer December in line with trends across the industry. Whilst the consumer environment remains challenging, we are taking action to continue to grow our iconic brand and invest in our business. We remain confident in our product pipeline for autumn/winter 2024 and beyond," said chief executive Kenny Wilson.

"The guidance for full year constant-currency revenue decline of high single-digit percentage year-on-year, remains unchanged. All other guidance for 2024 also remains unchanged."

Dr Martens added that the stronger pound since the end of the first half would result in a £5m forex headwind if current exchange rates persist, along with a non-cash balance sheet translation charge of approximately £5m.

Reporting by Frank Prenesti for Sharecast.com