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Dr Martens given a kicking but maintains downgraded guidance

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Dr Martens has held its full year guidance after third quarter revenues were kicked down by a fifth, blaming weak demand for its leather boots in the US. 

The British firm, which issued a profit warning in November, posted revenues of £267m, down 21 per cent year-on-year. 

Kenny Wilson, chief executive officer, described trading as “volatile”. 

“Trading in the quarter was volatile and we saw a softer December in line with trends across the industry,” the Dr Martens-wearing chief said.

“Whilst 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.”

Like many retailers, the London-listed shoe maker said it was impacted by abnormally warm weather conditions in the autumn. 

In the Americas revenue was down 31 per cent, due to weak consumer spending. 

Last year was also tough for the brand as it was battling bottleneck issues in its Los Angeles warehouse, which impacted its American wholesale channel,

The firm has since dealt with the issue.

The supply chain issues saw the cult bootmaker post an underwhelming update in April, with fourth quarter revenues up just six per cent.

Some have pointed to the poor performance of Dr Martens on the stock market as a sign of a general malaise on the London Stock Exchange.

The firm’s revenues and growth are not dissimilar to that of Birkenstock, which is valued around 9 times higher in New York than Dr Martens is in London.

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