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Yahoo
4 days ago
- Business
- Yahoo
Dr Martens profits slump by more than 90%
The maker of an iconic brand of footwear have seen its profits fall by more than 90% in the last year. Dr Martens, based in Wollaston, Northamptonshire, posted pre-tax profits for the year to March of £8.8m. The figure for the previous year was £93m The company said UK revenues had been hit by "a challenging market". The Dr Martens design originated in Germany in the 1940s and production started in the UK in 1959, when the Northamptonshire-based Griggs Group bought the patent rights. The familiar yellow-stitched boots, made at the factory in Cobbs Lane, Wollaston, have been bought by famous names from the Sex Pistols to the Dalai Lama. The company has been in the doldrums in recent years, with declining revenues exacerbated by the cost-of-living crisis. Underlying profits in the year to March, which do not include anything exceptional or non-recurring, have dropped from £97.2m to £34.1m. The group said sales to consumers in the US started to grow in the second half of the year and had continued to increase, but UK revenues had remained lower since the year-end "due to a challenging market". Despite this, Dr Martens said it expected underlying profits to rise "significantly" over the financial year ahead, with analysts expecting a jump to between £54m and £74m. It flagged uncertainty over the impact of higher tariffs, including those imposed by the USA, but said it was holding off from price hikes for the the remainder of 2025. The group added: "We do recognise that there is continued macroeconomic uncertainty and the full outcome of tariffs is still unknown, and we will monitor this closely through the year and take action as appropriate." Dr Martens said it launched a new strategy on Thursday, which had been "very well-received by the market, with the share price up approximately 24% at market close". It added the company also beat market expectations across its key financial metrics. Follow Northamptonshire news on BBC Sounds, Facebook, Instagram and X. Dr Martens take steps towards financial recovery Dr Martens shares plunge after profit warning Dr Martens kickstarts plan to join stock market Dr Martens PLC
BBC News
4 days ago
- Business
- BBC News
Wollaston-based Dr Martens profits slump by more than 90%
The maker of an iconic brand of footwear have seen its profits fall by more than 90% in the last Martens, based in Wollaston, Northamptonshire, posted pre-tax profits for the year to March of £ figure for the previous year was £93mThe company said UK revenues had been hit by "a challenging market". The Dr Martens design originated in Germany in the 1940s and production started in the UK in 1959, when the Northamptonshire-based Griggs Group bought the patent familiar yellow-stitched boots, made at the factory in Cobbs Lane, Wollaston, have been bought by famous names from the Sex Pistols to the Dalai company has been in the doldrums in recent years, with declining revenues exacerbated by the cost-of-living crisis. Underlying profits in the year to March, which do not include anything exceptional or non-recurring, have dropped from £97.2m to £ group said sales to consumers in the US started to grow in the second half of the year and had continued to increase, but UK revenues had remained lower since the year-end "due to a challenging market". Despite this, Dr Martens said it expected underlying profits to rise "significantly" over the financial year ahead, with analysts expecting a jump to between £54m and £ flagged uncertainty over the impact of higher tariffs, including those imposed by the USA, but said it was holding off from price hikes for the the remainder of group added: "We do recognise that there is continued macroeconomic uncertainty and the full outcome of tariffs is still unknown, and we will monitor this closely through the year and take action as appropriate." Follow Northamptonshire news on BBC Sounds, Facebook, Instagram and X.
BBC News
27-01-2025
- Business
- BBC News
Dr Martens in Northamptonshire takes steps towards recovery
The makers of the iconic Dr Martens footwear range said better sales in the US have signalled the start of the firm's company, based in Wollaston, Northamptonshire, saw its turnover drop by just 3% over the last three months of 2024The figure for the last quarter of 2023 was 18%.Doc Martens' new chief executive said he had "great confidence" for the year ahead. The Dr Martens design originated in Germany in the 1940s and production started in the UK in 1959 when the Northamptonshire-based Griggs Group bought patent familiar yellow-stitched boots, made at the factory in Cobbs Lane, Wollaston, have been bought by famous names from the Sex Pistols to the Dalai Pope's Swiss Guard were provided with Dr Martens boots during the Pontificate of John Paul II. The firm has seen revenues drop in recent years, exacerbated by the cost-of-living has issued several profit warnings and replaced its chief company's US revenue over the festive quarter fell 4% year on year, compared with 20% in the previous quarter. Falls in European revenue also eased, from 18% in the previous quarter to 4% in last three months of Martens expects overall turnover for the full year to be down 9% compared with the previous year, at £ Nwokorie became chief executive of the company earlier this month and said he had "great confidence" for the year added that plans to reduce excess stock were "on track" and that the company continued to "actively manage our costs".He said: "The team and I are squarely focused on returning the business to sustainable and profitable growth." Follow Northamptonshire news on BBC Sounds, Facebook, Instagram and X.
