British shoe retailer Dr. Martens Plc has once again revised its earnings forecast for the 2022/23 financial year, which ended at the end of March, downwards. The reason given by the company on Friday was unexpectedly high charges due to the ongoing problems in its logistics center in Los Angeles and the recently weak wholesale business.
Management now expects earnings before interest, taxes, depreciation and amortization (EBITDA) to be in the range of £245 million (EUR 277 million). Only in January was the corresponding forecast reduced to 250 to 260 million British pounds.
In addition, the shoe supplier announced key data on its sales development in the past year. Accordingly, revenues exceeded the previous year’s level by ten percent (currency-adjusted +4 percent). In the fourth quarter, sales increased by 6 percent and remained roughly constant on a currency-adjusted basis. In own retail, Dr. Martens increased by 20 percent (currency-adjusted +13 percent), but wholesale sales were four percent (currency-adjusted -11 percent) below the level of the same quarter of the previous year.
At the same time, the company announced that Chief Financial Officer (CFO) Jon Mortimore had decided to step down. However, he will continue to hold the post until his successor has been settled, said Dr. Martens with. The search for suitable external candidates is already underway.