Latest news with #Northamptonshire-based
Yahoo
a day 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
South Wales Guardian
2 days ago
- Business
- South Wales Guardian
Dr Martens sees profits slide but on track for return to growth
The footwear group reported pre-tax profits of £8.8 million for the year to March 30, down from £93 million the previous year, after seeing sales fall 10%. On an underlying basis, pre-tax profits slumped to £34.1 million from £97.2 million. The group said sales to consumers in the US returned to growth in the second half of the year and have continued to increase, but revealed UK revenues have remained lower since the year-end 'due to a challenging market'. It added that unfavourable foreign exchange rates would see it take a hit to group sales and profits of around £18 million and £3 million respectively in 2025-26. Despite this, Dr Martens said it expects underlying profits to rise 'significantly' over the financial year ahead, with analysts expecting a jump to between £54 million and £74 million. It flagged uncertainty over the impact of higher tariffs, but said it was holding off from price hikes for the the remainder of 2025. Its stock is already in the US market for the spring/summer season and either there or on its way for the autumn/winter. 'We do however 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,' the group said. The Northamptonshire-based company outlined new plans for growth alongside its results, with aims to attract new shoppers and hold off from discounts in EMEA and the Americas. Annual figures showed sales sales dropped 11.4% over the year, although retail lifted 1% in the final six months. In the Europe, Middle East and Africa (EMEA) region, sales fell 11%, with direct-to-consumer difficulty amid a highly promotional market – particularly in the UK. The company, whose yellow-stitched boots have been a retro mainstay for decades, has been in the doldrums in recent years, with declining revenues exacerbated by the cost-of-living crisis. It listed on the London Stock Exchange in 2021, and has since issued a slew of profit warnings and replaced its chief executive. Many of Dr Martens' recent problems have come from steep declines in sales in the US, but new chief executive Ije Nwokorie said the group had stabilised in the past year. He said: 'Our single focus in 2024-25 was to bring stability back to Dr Martens. 'We have achieved this by returning our direct-to-consumer channel in the Americas back to growth, resetting our marketing approach to focus relentlessly on our products, delivering cost savings and significantly strengthening our balance sheet.' Mr Nwokorie, previously the firm's head of marketing before taking on the top job from Kenny Wilson on January 6, said: 'I am laser-focused on day-to-day execution, managing costs and maintaining our operational discipline while we navigate the current macroeconomic uncertainties.'
North Wales Chronicle
2 days ago
- Business
- North Wales Chronicle
Dr Martens sees profits slide but on track for return to growth
The footwear group reported pre-tax profits of £8.8 million for the year to March 30, down from £93 million the previous year, after seeing sales fall 10%. On an underlying basis, pre-tax profits slumped to £34.1 million from £97.2 million. The group said sales to consumers in the US returned to growth in the second half of the year and have continued to increase, but revealed UK revenues have remained lower since the year-end 'due to a challenging market'. It added that unfavourable foreign exchange rates would see it take a hit to group sales and profits of around £18 million and £3 million respectively in 2025-26. Despite this, Dr Martens said it expects underlying profits to rise 'significantly' over the financial year ahead, with analysts expecting a jump to between £54 million and £74 million. It flagged uncertainty over the impact of higher tariffs, but said it was holding off from price hikes for the the remainder of 2025. Its stock is already in the US market for the spring/summer season and either there or on its way for the autumn/winter. 'We do however 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,' the group said. The Northamptonshire-based company outlined new plans for growth alongside its results, with aims to attract new shoppers and hold off from discounts in EMEA and the Americas. Annual figures showed sales sales dropped 11.4% over the year, although retail lifted 1% in the final six months. In the Europe, Middle East and Africa (EMEA) region, sales fell 11%, with direct-to-consumer difficulty amid a highly promotional market – particularly in the UK. The company, whose yellow-stitched boots have been a retro mainstay for decades, has been in the doldrums in recent years, with declining revenues exacerbated by the cost-of-living crisis. It listed on the London Stock Exchange in 2021, and has since issued a slew of profit warnings and replaced its chief executive. Many of Dr Martens' recent problems have come from steep declines in sales in the US, but new chief executive Ije Nwokorie said the group had stabilised in the past year. He said: 'Our single focus in 2024-25 was to bring stability back to Dr Martens. 'We have achieved this by returning our direct-to-consumer channel in the Americas back to growth, resetting our marketing approach to focus relentlessly on our products, delivering cost savings and significantly strengthening our balance sheet.' Mr Nwokorie, previously the firm's head of marketing before taking on the top job from Kenny Wilson on January 6, said: 'I am laser-focused on day-to-day execution, managing costs and maintaining our operational discipline while we navigate the current macroeconomic uncertainties.'
Leader Live
2 days ago
- Business
- Leader Live
Dr Martens sees profits slide but on track for return to growth
The footwear group reported pre-tax profits of £8.8 million for the year to March 30, down from £93 million the previous year, after seeing sales fall 10%. On an underlying basis, pre-tax profits slumped to £34.1 million from £97.2 million. The group said sales to consumers in the US returned to growth in the second half of the year and have continued to increase, but revealed UK revenues have remained lower since the year-end 'due to a challenging market'. It added that unfavourable foreign exchange rates would see it take a hit to group sales and profits of around £18 million and £3 million respectively in 2025-26. Despite this, Dr Martens said it expects underlying profits to rise 'significantly' over the financial year ahead, with analysts expecting a jump to between £54 million and £74 million. It flagged uncertainty over the impact of higher tariffs, but said it was holding off from price hikes for the the remainder of 2025. Its stock is already in the US market for the spring/summer season and either there or on its way for the autumn/winter. 'We do however 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,' the group said. The Northamptonshire-based company outlined new plans for growth alongside its results, with aims to attract new shoppers and hold off from discounts in EMEA and the Americas. Annual figures showed sales sales dropped 11.4% over the year, although retail lifted 1% in the final six months. In the Europe, Middle East and Africa (EMEA) region, sales fell 11%, with direct-to-consumer difficulty amid a highly promotional market – particularly in the UK. The company, whose yellow-stitched boots have been a retro mainstay for decades, has been in the doldrums in recent years, with declining revenues exacerbated by the cost-of-living crisis. It listed on the London Stock Exchange in 2021, and has since issued a slew of profit warnings and replaced its chief executive. Many of Dr Martens' recent problems have come from steep declines in sales in the US, but new chief executive Ije Nwokorie said the group had stabilised in the past year. He said: 'Our single focus in 2024-25 was to bring stability back to Dr Martens. 'We have achieved this by returning our direct-to-consumer channel in the Americas back to growth, resetting our marketing approach to focus relentlessly on our products, delivering cost savings and significantly strengthening our balance sheet.' Mr Nwokorie, previously the firm's head of marketing before taking on the top job from Kenny Wilson on January 6, said: 'I am laser-focused on day-to-day execution, managing costs and maintaining our operational discipline while we navigate the current macroeconomic uncertainties.'
Rhyl Journal
2 days ago
- Business
- Rhyl Journal
Dr Martens sees profits slide but on track for return to growth
The footwear group reported pre-tax profits of £8.8 million for the year to March 30, down from £93 million the previous year, after seeing sales fall 10%. On an underlying basis, pre-tax profits slumped to £34.1 million from £97.2 million. The group said sales to consumers in the US returned to growth in the second half of the year and have continued to increase, but revealed UK revenues have remained lower since the year-end 'due to a challenging market'. It added that unfavourable foreign exchange rates would see it take a hit to group sales and profits of around £18 million and £3 million respectively in 2025-26. Despite this, Dr Martens said it expects underlying profits to rise 'significantly' over the financial year ahead, with analysts expecting a jump to between £54 million and £74 million. It flagged uncertainty over the impact of higher tariffs, but said it was holding off from price hikes for the the remainder of 2025. Its stock is already in the US market for the spring/summer season and either there or on its way for the autumn/winter. 'We do however 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,' the group said. The Northamptonshire-based company outlined new plans for growth alongside its results, with aims to attract new shoppers and hold off from discounts in EMEA and the Americas. Annual figures showed sales sales dropped 11.4% over the year, although retail lifted 1% in the final six months. In the Europe, Middle East and Africa (EMEA) region, sales fell 11%, with direct-to-consumer difficulty amid a highly promotional market – particularly in the UK. The company, whose yellow-stitched boots have been a retro mainstay for decades, has been in the doldrums in recent years, with declining revenues exacerbated by the cost-of-living crisis. It listed on the London Stock Exchange in 2021, and has since issued a slew of profit warnings and replaced its chief executive. Many of Dr Martens' recent problems have come from steep declines in sales in the US, but new chief executive Ije Nwokorie said the group had stabilised in the past year. He said: 'Our single focus in 2024-25 was to bring stability back to Dr Martens. 'We have achieved this by returning our direct-to-consumer channel in the Americas back to growth, resetting our marketing approach to focus relentlessly on our products, delivering cost savings and significantly strengthening our balance sheet.' Mr Nwokorie, previously the firm's head of marketing before taking on the top job from Kenny Wilson on January 6, said: 'I am laser-focused on day-to-day execution, managing costs and maintaining our operational discipline while we navigate the current macroeconomic uncertainties.'
