Dr Martens’ share price hits all-time low as US sales falter

The share price at troubled shoe and bootmaker Dr Martens dropped sharply on Tuesday (April 16) after the firm warned the company’s profits could fall by as much as two-thirds.

At close of trading on Tuesday, the Northampton company’s shares were down by almost 30% to just 674 – a new low since the company was floated in January 2021.

Over the last 12 months Dr Martens has had almost 60% wiped off the value of the company.

The news comes as Dr Martens reported earlier on Tuesday morning that advance sales of its iconic footwear were well below expectations.

Chief executive Kenny Wilson said the manufacturer had “built an operating cost base in anticipation of a larger business” and will now be focused on savings.

Wholesale orders in America for autumn/winter are expected to be “double-digit down”, hitting pre-tax profits by £20m.

Wilson added: “The nature of USA wholesale is that when customers gain confidence in the market we will see a significant improvement in our business performance, but we are not assuming that this occurs in FY25.”

Wilson also announced that he was leaving the business, to be replaced by chief brand officer Ije Nwokorie.