Dr. Martens shares plunge 30% to all-time low, trading briefly halted on weak outlook
Dr. Martens is a brand of footwear known for its yellow stitching and patented air-cushioned soles. The brand was adopted by British punk rockers in the 1970s, but went mainstream during the grunge movement of the 1990s.
drmartens.com
Shares of Dr. Martens plunged 30% on Tuesday to hit a record low in early deals, after the shoemaker flagged a challenging 2025 outlook on the back of weaker revenues.
Trading in the company shares was temporarily suspended on the London Stock Exchange after the firm issued an unscheduled trading update.
“We have built an operating cost base in anticipation of a larger business, however with revenues weaker we are currently seeing significant deleverage through to earnings,” said CEO Kenny Wilson, who will step down in March 2025.
Chief Brand Officer Ije Nwokorie is set to replace him in the top position.
In a Tuesday note, analysts at RBC flagged a negative sentiment on the stock and said that markets would focus on the 2025 guidance in the short term.
Dr Martens share price
This breaking news story is being updated.
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