29 January 2024

Wholesale headaches hurt Dr Martens

Footwear brand Dr Martens has reported revenues of £662.9 million for the first nine months of its current fiscal year, the period ending December 31. This figure represents a fall of 12% year on year, writes Leatherbiz.

Chief executive, Kenny Wilson, said weak results in the US had been an important factor.

He explained that sales in the company’s own retail stores in the first nine months had risen by 7% year on year, but that e-commerce revenues were down by 4% overall and that revenues from wholesale business had fallen by 27% compared to the same period a year earlier.

Mr Wilson said wholesale revenues in the US market were around half of what they had been a year earlier, with total sales there showing a fall of 31%. He added that “the weak consumer backdrop” there had made business in the US challenging for Dr Martens.

In particular, he said “continued caution from wholesale customers” had resulted in a weak order book.

He pointed out that the company had a new leadership team in the US that was taking action, particularly in marketing execution and ecommerce trading capabilities, “to drive revenue and grow the brand”.

Towards the end of 2023, Dr Martens announced former senior Apple executive Ije Nwokorie as the footwear company’s first ever chief brand officer. He will take up the role in February.

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