Footwear specialist Dr. Martens has offered a short update on its current trading performance ahead of its annual general meeting. While shareholders may be waiting for some positive news, however, it appears that such a scenario may not be on the horizon.
In a regulatory filing, the company said that since the start of this financial year, trading “has been in line with expectations” while guidance for FY25 remains unchanged.
Earlier in April, following a slew of disappointing results, Dr. Martens said it anticipated a challenging FY25, driven largely by a double-digit drop in US wholesale revenue. Revenue as a whole for the period is also forecast to decline by single-digit percentage.
In its latest update, the brand noted that the first quarter, representing the spring/summer season, was its smallest period, with the current financial year to be “very second-half weighted” particularly from a profit perspective.
As such, the autumn/winter 2024 season “remains a key focus”, during which “detailed” trading plans, initially highlighted in its FY24 report, are to be implemented.
The company elaborated: “We continue to target positive DTC growth in the USA in H2. Work on our cost action plan is ongoing and we will provide a detailed update at our first half results in November.”
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