Dr. Martens, the iconic British footwear and clothing brand, announced that its third-quarter revenue met expectations despite experiencing a weak performance in the U.S. The company's guidance for fiscal 2024 remains unchanged.
During the key festive period from October to December, also known as the 'golden quarter', Dr. Martens reported a 21% decline in revenue. The total revenue for this period amounted to £267.1 million ($339.9 million). This decrease can be attributed to sales volatility throughout the quarter, as well as softer sales trends in December within the industry.
On a year-to-date basis, Dr. Martens experienced a 12% decline in revenue, amounting to £662.9 million.
Despite the challenging consumer environment, Chief Executive Kenny Wilson expressed optimism about the future of the brand. Dr. Martens is committed to taking action to ensure the continued growth of its iconic brand and to invest in its business.
Dr. Martens maintains its outlook for the fiscal year ending March, anticipating a high single-digit percentage decline in revenue compared to the £1.0 billion pounds reported in fiscal 2023. Additionally, the company expects a currency headwind of approximately £5 million due to the appreciation of sterling.