Net profit Martens decreased by 29%
05.06.2023 3483

Net profit Martens decreased by 29%

In the past fiscal year, which ended at the end of March, British footwear brand Dr. Martens reached 1 billion pounds ($1,245 billion), an annual growth excluding currency fluctuations was 4%. At the same time, the company's EBITDA fell by 7% to 245 million ($305 million), while net profit decreased by 29%, to 128,9 million pounds ($160,5 million), writes fashionmagazine.it.

Such financial results provoked a drop in the value of Dr. Martens on the London Stock Exchange: according to the results of the session, Dr. Martens show a fall of 11%, while in a year they lost 36% of their value.

The group had problems with the development of the wholesale direction, whose sales volume decreased by 3% over the year (excluding currency fluctuations). Wholesale sales were impacted by lower US shipments due to problems at the Los Angeles distribution center and the decision to terminate work with a Chinese distributor due to contract expiration.

For fiscal year 2024, the group confirmed its forecast for a turnover increase of 5% to 9% (excluding currency fluctuations). During the year, the number of new openings (minus closings) should be from 25 to 35. In the new year, Dr. Martens is launching a recycled leather business, the result of an agreement with global recycled leather and plastic manufacturer Gen Phoenix, and growing secondhand sales in the US.

In the past fiscal year, which ended at the end of March, British footwear brand Dr. Martens reached 1 billion pounds ($1,245 billion), year-on-year growth excluding currency fluctuations…
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