Dr Martens said he had a hard time selling his lace-up boots in the US and acknowledged that efforts to fix “mistakes” in the US supply chain had led to a drop in annual profits. writes about it Guard.
The British boot maker said it is facing a decline in US demand. A “difficult consumer climate” was cited as one of the reasons American customers began to spend less due to high inflation. In addition, the shoe company struggled with costs of £15m that rose last year at its Los Angeles distribution center, which opened in 2022.
Slowing sales growth in the US, investment in new stores, marketing and staffing expenditures and the elimination of warehouse problems resulted in a 26% decrease in profit before tax for the year to £159 million. .
Kenny Wilson, CEO of Dr Martens, said the company was “doing a detailed analysis” to understand why it was having trouble in the US.
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