Dr Martens posts half-year loss
Dr Martens reported a pre-tax loss of £28.7 million ($37.3 million) for the six months to 29 September 2024, down from a £25.8 million ($33.5 million) profit a year earlier, citing rising costs and weak U.S. wholesale revenue.
Despite the challenges, autumn-winter trading showed improvement across all regions, driven by strong direct-to-consumer sales and a refreshed marketing strategy. The company also accelerated cost-cutting, targeting £25 million ($32.5 million) in savings by FY26, mainly from job cuts, and reduced inventory and debt.
Maintaining its FY25 guidance, Dr Martens highlighted progress in its turnaround efforts and confirmed Ije Nwokorie as the incoming CEO from January 2025, succeeding Kenny Wilson. Mr Wilson noted promising signs ahead of the peak trading period.
Image shows the Dr Martens 1460 lace-up boot in soft leather.
