UK bootmaker Dr Martens sales fall on subdued demand (updated)
27/01/2025 07:36
(Adds background, CEO statement in paragraph 3, guidance in
paragraph 6)
Jan 27 (Reuters) - British bootmaker Dr Martens DOCS.L
posted a 3% fall in its third-quarter reported revenue on
Monday, as consumers stayed away from pricey purchases in key
markets due to economic uncertainties.
The company, whose leather boots can be priced as much as
$200, has been cutting inventory and debt as part of its
cost-saving and turnaround plans after elevated costs and weak
wholesale demand, especially in the U.S., weighed on its
earnings for months.
"We continue to actively manage our costs and are on track
to meet our inventory reduction target for FY25," newly
appointed CEO Ije Nwokorie said in a statement.
The Wellingborough, UK-based company has been actively
investing in marketing, including discounts, to revive demand.
Dr Martens logged 260 million pounds ($323.60 million) in
revenue, down from 267.1 million pounds in the third quarter of
fiscal 2024.
It, however, kept its 2025 financial year guidance
unchanged.
($1 = 0.8035 pounds)
(Reporting by Raechel Thankam Job; Editing by Subhranshu Sahu)
((RaechelThankam.Job@thomsonreuters.com;))