Chunky bootmaker Dr. Martens is warning of a tough year ahead. Dr. Martens shares plunged more than 30% Tuesday after the trendy British brand forecast that wholesale revenue in the U.S., its largest market, would decline by double-digits compared to that seen a year ago. That has the potential to bring a sizeable hit to Dr. Martens’ profitability.
FILE - A Dr Martens boot inspired by Elton John’s famous Pinball Wizard outfit is shown at a promotional event in London, March 20, 2023. Dr. Martens shares plunged more than 30% Tuesday, April 16, 2024 after the trendy British brand forecast that wholesale revenue in the U.S., its largest market, would decline by double-digits compared to that seen a year ago. Dr. Martens shares plunged more than 30% Tuesday after the iconic British brand forecast wholesale revenue in the U.S.
That could translate into a sizeable hit to profits, with the company pointing to a base projected impact of 20 million pounds on pretax earnings year-over-year. In-season orders from wholesale customers could help ease U.S. revenue expectations, the company noted, but those are difficult to predict.
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