British bootmaker Dr Martens posted a decline in quarterly sales and forecast broadly flat annual revenue growth on Tuesday as shoppers across Europe and Asia-Pacific baulked at a return to full prices, knocking its shares nearly 13% down. The sales decline underscores the challenge facing CEO Ije Nwokorie as he tries to cut back on promotions and discounts while navigating weak demand and higher U.S. import costs.
The balancing act has forced the company known for its lace-up chunky boots to sacrifice near-term sales to protect margins. Revenue fell 3.1% to 251 million pounds ($343 million) with direct-to-consumer sales dropping 7% for the third quarter ended December 28. “The outlook for boots demand remains difficult to predict near term, even if we acknowledge the brand value,” said RBC Capital Markets analysts. The company’s shares fell as much as 12.5% and were headed for their worst day since September 2024.
