Third quarter revenue has declined by 18% at Dr. Martens, the Northamptonshire footwear brand, according to a trading statement for the three months ended 31 December 2023.
In line with expectations, this was driven by a weak USA performance. Dr. Martens said: “Given the weak consumer backdrop, the performance of our Americas business was challenging, as expected. We recorded a double-digit decline in DTC revenue, with softer ecommerce and low footfall. Wholesale revenues broadly halved year-on-year as continued caution from wholesale customers resulted in a weak order book.”
Americas revenue was down 31% reported, or 26% constant currency, however the business said that “the new Americas leadership team continue to take action, particularly in marketing execution and ecommerce trading capabilities, to drive revenue and grow the brand.”
Kenny Wilson, Chief Executive Officer, added: “Our Q3 performance is in line with the updated full year guidance provided in November. Q3 DTC revenue declined by 3% (constant currency, “CC”) and wholesale was down 46% CC, resulting in Group revenue down 18% CC. This was driven by a weak USA performance, as expected.
“Trading in the quarter was volatile and we saw a softer December in line with trends across the industry. Whilst the consumer environment remains challenging, we are taking action to continue to grow our iconic brand and invest in our business. We remain confident in our product pipeline for AW24 and beyond.”
