Dr Martens CEO to Step Down with Shares Hitting Record Low
Tuesday, 16 April 2024, 13:46
Dr Martens CEO Exit and Record-Low Shares
Dr Martens, the UK bootmaker, faces a challenging period with its shares reaching a record low after a profit warning and poor US sales. The iconic brand, famous for its yellow-stitched boots, anticipates a sales decline for the year ending March 2025. Profit before tax may see a substantial decrease from the previous year, potentially falling to a third of the previous figure of £159m in the worst-case scenario.
Key Points:
- Sales Decline: Dr Martens warns of a single-digit drop in sales for the current fiscal year.
- Profit Warning: Profit before tax estimated to be significantly lower compared to the previous year.
- CEO Departure: The chief executive is set to leave, introducing further uncertainty.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.