U.K. bootmaker Dr. Martens’ stock fell 27% on Thursday following the company’s issuance of its fourth profit warning in one year.
The downturn brought Dr. Marten shares reached its lowest price since the company first went public in 2021.
Likewise, the company revealed that its wholesale revenue dropped by 17% during the first half of 2023.
“The big issue that we’ve had in the US has been our big wholesale customers, who, given the tough consumer environment, are ordering less boots and from other brands,” said CEO Kenny Wilson.
