Dr. Martens gets the boot from traders
Shares of Dr. Martens fell 30% and hit an all-time low after the British boot brand warned that sales were heading for a slowdown. The stock was also temporarily halted for trading on the London Stock Exchange.
Dr. Martens has been sounding the alarm on profits since early last year, as US shoppers (its top market) cut back on the $150 chunky leather stompers.
Doc's expects US wholesale revenue to drop double-digits next year as fall and winter orders — peak boot season — come in light. Meanwhile, CEO Kenny Wilson announced that he would step down step down in March 2025.
Doc's expects US wholesale revenue to drop double-digits next year as fall and winter orders — peak boot season — come in light. Meanwhile, CEO Kenny Wilson announced that he would step down step down in March 2025.
