Dr Martens shares have been stomped

American sales of Docs have dropped

4/17/24 12:02PM

Downward DOCS

Shares in iconic British bootmaker Dr Martens had to be temporarily halted yesterday, slipping ~30% after the company tempered its sales outlook for 2025 and announced that Ije Nwokorie, an ex-Apple senior director, would take the helm in an effort to reboot the company’s slumping fortunes.

The sole issue for Docs isn’t hard to diagnose: they just aren’t selling enough shoes. Sales were down 12% in the latest quarter, with US revenues sliding 31% year-over-year, after a rough winter for the brand when fewer shoppers picked up the chunky-soled leather boots over the all-important Christmas period. Activist investors, presumably unhappy with the stock’s ~85% drop since its early 2021 peak, have also been urging the company to undertake a strategic review.

Designed as a collaboration between a pair of German doctors and a family-run British shoemaker, Docs had humble beginnings as practical work boots that sold for £2 (~$5) a pair in 1960. Within just over a decade, however, the boots had worked their way into British subcultures like the ska and punk movements and soon stomped their way to cultural icon status.

Collaborations with everyone from Warner Bros and hypebeast brand Supreme to Jean-Michel Basquiat have helped the brand stay relevant. But, the company is now also battling competition from sprawling value sites like Temu, which Docs has accused of infringing on its trademarks by manipulating Google searches to make lookalike items appear above its results.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.