Dr. Martens reveals trading insights ahead of annual meeting
British boot maker Dr. Martens has today announced that trading since the start of the year has "been in line with expectations", ahead of its annual general meeting (AGM).
Ahead of the meeting, which is taking place this morning at a Premier Inn in London's Camden, the company has revealed that trading since the start of the year was in line with FY24 expectations, highlighting that Q1 is the shortest quarter of the year. With this, its FY25 outlook remains unchanged.
Dr. Martens said that the current financial year will be very second-half weighted, particularly from a profit perspective.
Back in May, Dr. Martens announced a swathe of cost-cutting plans, after the bootmaker’s bottom line was hit by a slump in demand in the US last year.
The London-listed firm hopes to save up to £25 million in the coming financial year, after profit before tax fell 43% to £97 million for the year ending 31 March 2024. Overall revenues dropped 12.3% to £877.1 million.
The company said the cost cuts would come from "organisational efficiency and design, better procurement and operational streamlining".
In today's memo, the company stated that it was continuing to target positive direct-to-consumer growth in the USA in the second half of the year. Work on its cost action plan is ongoing and it will provide a detailed update on its first-half results in November.
