Dr. Martens, the well-known British footwear and clothing brand, announced that its revenue in the Americas for the first quarter of the fiscal year was lower compared to the previous year. This decline was primarily driven by wholesale, as anticipated. The company’s board has identified addressing this performance as their top priority for the year.
On a more positive note, Dr. Martens shared that their efforts in the direct-to-consumer market in the Americas are progressing according to plan. They anticipate a significant improvement in this area in the second half of the year.
Meanwhile, the company reported very pleasing performance in the Europe, Middle East, and Africa region during this period. Additionally, the Asia Pacific region witnessed strong growth, mainly led by Japan.
Dr. Martens reassured investors that their trading performance since the beginning of the financial year aligns with their expectations and the guidance provided in their year-end results announcement.
During their fiscal 2023 earnings report on June 1, Dr. Martens projected mid- to high-single digit revenue growth in constant currency for fiscal 2024. However, they also mentioned that due to infrastructure and capability investments, they anticipate a marginal decrease of 1% to 2% in earnings margin.
Looking ahead to fiscal 2025, Dr. Martens predicts high-single digit revenue growth.
