New boss at Dr Martens planning sales reboot
The new boss of Dr Martens is to reveal his strategy to get the bootmaker back on track amid a slump in sales.
The Camden-based footwear specialist will reveal its latest annual results next Thursday, and is expected to post a drop in revenues and profits. However, investors are likely to focus on a strategy update from the company which is also due that day.
Shares in the firm have tumbled by more than 80% since it floated on London's stock market in early 2021.
The company has been blighted by sliding sales in recent years as it has fought waning consumer demand and supply chain disruptions.
Ije Nwokorie, a former brand chief of the business, took over the top role in January in a bid to help revive its fortunes.
This week the company also sought to strengthen its leadership team by appointing Carla Murphy from Adidas as its new chief brand officer and former Nike director Paul Zadof as its Americas president.
The appointments come as Dr Martens seeks to bring more shoppers back to the brand and target new growth opportunities.
Investec analyst Kate Calvert said: "Having taken over as CEO in January and knowing the company well (previously chief brand officer and a non-executive director), we expect more of an evolutionary strategy.
"We are looking to hear what the team's growth priorities are from a range, market and channel perspective, and understand the differences in strategic approach to recent history.
"We also expect an update on the delivery of two crucial system projects - its customer data platform plus a supply and demand planning system."
Investec has forecast that the fashion firm will report revenues of roughly £803.5m (€953m) for the year to March 31.
It would represent another significant drop from £877.1m (€1.04bn) the previous year.
In its previous update in January, Dr Martens pointed towards a partial recovery over the key festive period amid progress to turn around its US operation.
On Thursday, the company is likely to show further progress with its direct-to-consumer business, efforts to increase cost savings and strengthening its balance sheet.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: "Dr Martens is expected to deliver more evidence that it is pulling itself up by its bootstraps and the turnaround is lacing together.
"It's been reducing inventories and debt, preserving cash and stabilising the business overall.
"So there is more optimism around that Dr Martens can kick off a more sustained recovery."
Shareholders will also be looking for guidance on how its important US business might be impacted by recent tariff rule changes and how the firm might mitigate any impact.
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