Dr Martens Reports £28.7M Loss Following 18% Revenue Decline

The iconic bootmaker cites slumping U.S. sales, currency challenges, and cost-saving measures as it undergoes a transitional year.

Dr Martens posted a pre-tax loss of £28.7 million for the first half of the fiscal year, compared to a £25.8 million profit in the same period last year.
Revenue fell 18% to £324.6 million, with U.S. sales plummeting by 22%, its sharpest regional decline.
The company anticipates a further hit from unfavorable currency exchange rates, projected to reduce revenue by £18 million and profit by £6 million in the second half.
Cost-cutting measures, including job reductions, are expected to save up to £25 million in the next financial year, with initial benefits already being realized.
Outgoing CEO Kenny Wilson highlighted early success with product-focused marketing campaigns, while incoming CEO Ije Nwokorie is set to take over in January 2025.