Dr. Martens is a shoe brand known for its yellow stitching and patented air-cushioned soles. The brand was adopted by British punk rockers in the 1970s, but became mainstream during the grunge movement of the 1990s.
drmartens.com
Dr Martens shares plunged 30% on Tuesday, hitting a record low in early trading after the shoe maker warned of a bleak outlook for 2025 on the back of weak profits.
Trading in the company’s shares was temporarily suspended on the London Stock Exchange after the company made an unplanned issuance of shares. Trading updates.
Chief Executive Officer (CEO) Kenny Wilson, who will retire in March 2025, said, “We have built a foundation for operating costs in anticipation of business expansion, but due to sluggish profits, we are currently unable to reach a profit. Leverage has declined significantly.”
He will be replaced in the top position by Chief Brand Officer Ije Nwokolie.
Analysts at RBC cautioned against negative sentiment for the stock in a note Tuesday, saying the market will focus on the outlook for 2025 in the short term.
See chart…
Dr. Martens stock price
This breaking news article is being updated.
