Profits take a kicking at Dr Martens after US headwinds bite
Revenue and profits have fallen at iconic Northants boot and shoe maker, Dr Martens, after what the firm called a “mixed” trading performance for the six months to September 30.
Revenues were down 5% to £395.8m over the period, while profit after tax slumped by 57% to £19m.
The company said it concentrated on “controlling the controllables” during the period, but admitted that its US business struggling amid an “increasingly difficult consumer environment”. Dr Martens said it will take longer than anticipated for its Stateside arm to recover, but that it is confident that “significant” growth opportunities lie ahead of it in the US market.
CEO Kenny Wilson said: “We are undoubtedly facing some more challenging headwinds in the US, but we are continuing to invest in the business, we continue to have faith in our iconic brand, and we continue to believe in the long-term growth potential of the business.”