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Dr Martens shares plummet after US woes spark new profit warning
Evening Standard
|November 30, 2023
DR MARTENS shares crashed today as it today issued its fourth profit warning since joining the stock market in 2021 becoming the latest UK retailer to find the American retail market tough going.
It blamed an "increasingly difficult consumer environment" in the USA where the iconic boots and shoes have failed to catch the public's imagination.
The shares plummeted 25p, 21%, to 90p, which leaves the business valued at £865 million. The stock floated at 370p and soon soared to 450p on the hope that the distinctive, if expensive, boots would be a worldwide hit. The company was then worth £4 billion.
Today it said profits for the half year to September are down 55% to £26 million, though it managed to hold the dividend at 1.56p.
Sales fell 5% to £395 million.
Chief executive Kenny Wilson claimed the business is making "good progress with our strategic priorities".
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