Dr Martens has said their annual profits slide as the footwear group sales have been under pressure.
They reported in the year to 30 March pre-tax profits of £8.8 million, down from £93 million the year before as sales fell by 10%.
Underlying pre-tax profits fell to £34.1 million from £97.2 million, which comes as UK revenues are lower amid a “challenging market.”
Chief executive Ije Nwokorie said, “Our single focus in 2024-25 was to bring stability back to Dr Martens.
“We have achieved this by returning our direct-to-consumer channel in the Americas back to growth, resetting our marketing approach to focus relentlessly on our products, delivering cost savings and significantly strengthening our balance sheet.”
“We do however recognise that there is continued macroeconomic uncertainty, and the full outcome of tariffs is still unknown, and we will monitor this closely through the year and take action as appropriate,” the group said.
Robinhood UK lead analyst Dan Lane said, “The message is clear this morning: get the most out of the brand stable.
“The company says that means matching the right product to the right shopper and there’s work to be done, with revenue down in all key commerce channels. The danger here is the overall identity is diluted by trying to force diversification instead of doubling down on the core product.
“2021 was the high point for Dr. Martens’ online search volume and interest has been steadily creeping down since. Solovair is slowly stealing fans of the traditional iconic boot so reversing this trend will need to be a core focus, even if a lot has been made today about championing sandals, bags and other leather goods.
“The trouble is there is no heritage attached to these adjacent product lines. The company made its name in anti-establishment boots and the more it takes its eye off that, the more damage is inflicted on the overall image. Burberry getting back to its roots has been warmly received, the jury’s out on whether Dr. Martens will make a success of a wider ‘product family’ or will eventually have to do the same.”
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