Dr Martens has reported a decline in sales due to “volatile” trading during the third quarter but has held firm on profit guidance for the year ahead.
The footwear brand posted a 21% drop in revenue for the three months to December 31, 2023, to £267.1m.
Revenue across its ecommerce, DTC and wholesale channels were down 9%, 5% and 49% respectively during the period.
Dr Martens attributed a tough performance over Christmas to “abnormally warm weather conditions” and an ongoing weak consumer backdrop in the US.
It said the drop of almost 50% in wholesale revenue during the period was a result of “continued caution” from consumers, which led to “a weak order book”.
In terms of outlook, Dr Martens’ guidance for the full year “remains unchanged” and chief executive Kenny Wilson says he remains “confident” in the product pipeline ahead.
Wilson said in a statement: “[The results were] driven by a weak US performance, as expected. Trading in the quarter was volatile and we saw a softer December in line with trends across the industry.
“While 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.”
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