Dr. Martens stock plunges after dour US revenue outlook
NEW YORK (AP) — Chunky bootmaker Dr. Martens is warning of a tough year ahead.
Dr. Martens shares plunged more than 30% Tuesday after the iconic British brand forecast wholesale revenue in the U.S., its largest market, would decline by double-digits compared with last year.
Trading in Dr. Martens stock was temporarily halted on the London Stock Exchange early Tuesday as it sank to a record-low 0.64 pounds, according to FactSet.
That could translate into a sizeable hit to profits, with the company pointing to a base projected impact of 20 million pounds ($24.9 million) on pretax earnings year-over-year. In-season orders from wholesale customers could help ease U.S. revenue expectations, the company noted, but those are difficult to predict.
Related articles
Devout Christian doctor, 68, who punched dementia
An 'arrogant' doctor who punched a vulnerable patient for making a racist comment and spitting at hi2024-05-21Man falls to death at oceanfront hotel trying to escape sixth
MYRTLE BEACH, S.C. (AP) — A man plunged nearly six stories to his death after shots were fired in a2024-05-21RHOM star Alexia Nepola's husband Todd files for DIVORCE after two years
Alexia Nepola and her husband Todd are calling it quits after two years of marriage.The couple, who2024-05-21Thailand to charge entry fees for international traveler from June
Foreign travelers flying into Thailand will be charged an entry fee of 300 Baht (about $8.9) for eac2024-05-21Yu Darvish extends scoreless innings streak to 25 in Padres' 9
ATLANTA (AP) — Yu Darvish dominated a slumping Braves offense and extended his career-high scoreless2024-05-21Online city tours entertain journalists home and abroad at Beijing 2022
The journalists from home and abroad for Beijing 2022 were invited to an online city tour of Wuhan i2024-05-21
atest comment