Dr Martens reported another sharp fall in profits after a “challenging year” for the business.
The struggling company said global pre-tax profits in the 12 months to March were £97m – down almost 43% on the previous year.
Revenue also fell 12% to £877m – down from just over £1bn in 2022/23.
The British brand attributed its disappointing performance to the US, its biggest market, where it said there had been weak consumer demand and a 17% drop in sales of its boots.
Kenny Wilson, who recently announced he would step down as chief executive, said the results were “as expected”.
He added: “We are clear that we need to drive demand in the US to return to growth… and we are executing a detailed plan to achieve this, with refocusing and increasing investment in US marketing over the next year.
“I am confident that the actions we are taking as we enter this year of transition will put us in good shape for the years to come.”
The company said it aimed to save up to £25m through “organizational efficiencies and design, improved procurement and operational rationalisation” to help revive its fortunes.
Chief Executive Kenny Wilson
The company’s preliminary results report, published on Thursday, said the reaction to its new UK shoe repair service, launched in October, was “very encouraging”.
He added: “We will look to implement this in our other key markets in the future.”
Dr. Martens also described its performance in Europe, the Middle East, Africa and the Asia-Pacific region as “robust.”
However, the company said the 12 months to March were “a challenging year for our business, with a difficult trading environment and considerable macroeconomic uncertainty”.
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This comes after the shoe company reported a drop in pre-tax profits in the 2022/23 financial year, despite reaching the £1 billion revenue mark.
Dr Martens was founded in Northamptonshire in 1960 and made its London stock market debut in January 2021.
Its share price has fallen by around 80% since its listing on the FTSE 250 index.
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