Dr Martens reports further drop in sales for Q3

Dr Martens has reported Q3 revenue down by a fifth, driven by weak sales in the US market.

Group revenue for the three months to 31 December 2023 totalled £267.1m, a decline of 21% year-on-year.

Sales in Europe were impacted by abnormally warm weather conditions in the autumn, and in the Americas revenue fell by 31% due to weak consumer spending. 

In November, the bootmaker issued a profit warning for the full year and revised its expectations for full-year revenue to a high single-digit percentage decrease compared to the previous year.

The company confirmed on Thursday that it was sticking to this guidance.

Chief executive Kenny Wilson said that trading in the third quarter was “volatile”.

“Whilst the consumer environment remains challenging, we are taking action to continue to grow our iconic brand and invest in our business,” he added.