Footwear maker Dr. Martens plc (DOCS.L), known as Doc Martens, reported Thursday weak profit and revenues in its fiscal 2024, as expected, citing continued weak USA consumer demand.
Profit before tax for the year fell 41.7 percent to 93.0 million pounds from 159.4 million pounds a year ago. Basic earnings per share were 7 pence, down 45.7 percent from 12.9 pence last year.
Pre-tax profit before FX charge was 97.2 million pounds, compared to 170.1 million pounds a year earlier.
Revenue for the year fell 12.3 percent to 877.1 million pounds from 1 billion pounds last year. Revenues declined 9.8 percent at constant currency rates.
DTC revenue growth of 2 percent were offset by Wholesale revenue drop of 28 percent primarily driven by USA wholesale.
Further, the company said its Board proposed a final dividend of 0.99 pence, taking the total dividend to 2.55 pence.
The Board's intention is to hold the FY25 dividend flat in absolute terms, before returning to an earnings payout in line with dividend policy in FY26 onwards.
Looking ahead, Dr. Martens said the current trading is in line with expectations and that its planning assumptions for FY25 are unchanged from those announced in April.
For the first half, the company expects a Group revenue decline of around 20 percent, driven by wholesale revenues down around a third.
Overall results this year will be very second-half weighted, particularly from a profit perspective.
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