Dr Martens says trading in line with expectations ahead of AGM
The retailer reinstated that the current autumn/winter 24 season remains a ‘key focus’, with detailed trading plans being implemented
Dr Martens has revealed that since the start of the year trading has been in line with expectations, ahead of its annual general meeting (AGM).
The footwear retailer has also announced that its current financial year will be “very second-half weighted” particularly in terms of profits, citing that Q1 has been the shortest period of the year.
Dr Martens reinstated that the current autumn/winter 24 season remains a “key focus”, with detailed trading plans being implemented.
In May, the company reported that pre-tax profits plummeted 43% to £97m in the 12 months ended March. Throughout the year, revenues for the company fell by 12% to £877m, though DTC revenue rose by 2% to £533.1m, primarily driven by USA wholesale.
It added that it will target £20m to £25m in cost savings, with savings from organisational efficiency and design, better procurement and operational streamlining.
In a short announcement, the retailer said: “We continue to target positive DTC growth in the USA in H2. Work on our cost action plan is ongoing and we will provide a detailed update at our first half results in November.”
