Rising Costs Dr. Martens replaces Bower: the British brand has raised the price of its classic boot to £169
Dr. Martens is raising the price of its shoes for the second year in a row as it struggles with rising costs for workers, energy and supplies.
The British bootmaker, whose classic lace-up design costs £159 a pair, adds £10 to the price.
It came as its shares fell 22.7 percent, or 65 pence, to 221.7 pence, as it warned higher costs and a slump in demand would weigh on earnings.
Rising costs: Iconic British shoemaker Dr. Martens raises prices for the second year in a row
Dr. Martens said as pressure on buyers increased in the six months to Sept. 30, sales growth was “slower than expected.”
Profits fell 5 percent to £57.9 million.
Shares are down 42 per cent since joining the London Stock Exchange at 370p in January 2021.
It boomed upon its debut, which followed the brand’s transformation from the pinnacle of fashion for punk rockers 40 years earlier to a must-have for supermodels, including pop stars like Gigi Hadid and Rita Ora.
Interactive Investor’s head of investment, Victoria Schaller, said: ‘Inflationary pressures and the consumer downturn are catching up.
“It hopes to boost sales around Christmas, but from January it could become more challenging.”
But boss Kenny Wilson said it was “well positioned for future growth.”
He said customers were not deterred by higher prices and stuck to expectations that sales growth would be in the “high teens” this year.
He said, “It’s the strongest brand ever.
“We opened 21 stores, increased marketing spend and paid a living wage bonus to a significant portion of the workforce.”
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