Dr Martens has revealed plans to make savings of c.£25m in the current year after filing a drop in revenues and pre-tax profit for the 12 months ended 31 March ’24. Revenues had fallen by 12 per cent to £877m, with pre-tax profit down to £97m.
The business blamed poor trading levels in the US and boots becoming less fashionable. While it also produces shoes and sandals, the iconic DMs boot has consistently generated the lion’s share of revenues. CEO Kenny Wilson, who handed over to Ije Nwokorie in March, is credited with saying that the business needs to make boots fashionable again.
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