Dr Martens Q3 revenue drops 21% to £267.1m
As a result the company restated its full year guidance full year constant currency revenue decline of high single-digit percentage year-on-year
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Dr Martens has revealed that its revenues dropped 21% to £267.1m in the three months ended 31 December 2023.
Alongside this, the company announced that its revenues dropped 18% to £273.8m on a constant currency basis.
Furthermore, the company stated that its e-commerce revenue dropped 9% year-on-year and 8% on a constant currency basis.
Dr Martens also revealed that its wholesale revenue declined by 49% reported, or 46% constant currency, as significant decline was seen in both Americas and EMEA.
Despite this, Dr Martens saw its retail revenue rise 3% year-on-year on a constant currency basis.
The company’s EMEA DTC revenue grew in low single-digits in Q3, with a weaker October, impacted by abnormally warm weather conditions, a strong November and a softer December.
As a result the company restated that it expects a constant currency revenue decline in the high single-digits for the full year.
The appreciation of sterling since the end of H1 means that, if current FX rates persist, the company anticipates a currency headwind to the profit and loss of approximately £5m.
