Dr Martens posts 21% drop in third quarter revenue
Footwear retailer Dr Martens has posted a 21% drop in third quarter revenue following a weak performance in the US and its wholesale channel.
In the three months to 31 December, retail revenue was flat and up 3% at constant currency.
Meanwhile, ecommerce revenue declined by 9%, or by 8% at constant currency, following a double digit drop in sales in Dr Martens’ Americas region.
Wholesale revenue was also down with a 49% decline or a drop of 46% at constant currency. This was in line with expectations.
While sales in Dr Martens’ APAC region declined by 1% at constant currency, sales in the US and EMEA were down by 26% and 15% respectively.
Kenny Wilson, chief executive of Dr Martens, said the quarter’s performance was in line with the updated full year guidance the company issued in November.
He added: “Trading in the quarter was volatile and we saw a softer December in line with trends across the industry. Whilst the consumer environment remains challenging, we are taking action to continue to grow our iconic brand and invest in our business. We remain confident in our product pipeline for AW24 and beyond.”
During the quarter, Dr Martens opened 13 new stores across EMEA and APAC which meant it had 235 own stores at the end of the period.