25th Jan 2024 10:06
(Alliance News) - Dr Martens PLC on Thursday said revenue in its financial third quarter declined amid unpredictable timing of re-orders and weak visibility over wholesale.
The Northamptonshire, England-based boot maker said its third-quarter performance was in line with its November guidance.
In the three months to December 31, revenue fell 21% year-on-year to GBP267.1 million, while revenue in the year-to-date was 12% behind the prior year at GB662.9 million. For the three months to December 31, 2022, Dr Martens reported revenue of GBP335.9 million.
E-commerce revenue fell 9%, driven by a decline in the Americas. Retail revenue was flat, while wholesale revenue plunged 49%, with significant declines seen in the Americas and Europe Middle East and Africa regions.
"The guidance provided at the time of our H1 results, for full year [constant currency] revenue decline of high single-digit percentage year-on-year, remains unchanged," the bootmaker said.
Looking ahead, Dr Martens said: "The appreciation of sterling since the end of H1 means that, if current foreign exchange rates persist, we anticipate a currency headwind to [profit] of approximately GBP5 million, together with a non-cash balance sheet translation charge, also of approximately GBP5 million."
Dr Martens shares rose 5.4% to 79.45 pence each on Thursday morning in London.
By Tom Budszus, Alliance News slot editor
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