Proactive Investors - Dr Martens PLC (LON:DOCS) has confirmed the third quarter brought a dip in revenue, driven by tough trading conditions in the Americas.
Revenue fell by 18% on a constant currency basis over the three months to December, with direct-to-consumer and wholesale declining 3% and 46% respectively, the shoemaker reported on Thursday.
This was driven by the Americas, the company said, where e-commerce revenues faced a double-digit decline and retail revenue also fell.
However, retail revenue grew in the Asia-Pacific region and in Europe, the Middle East and Africa, with e-commerce income also climbing in the latter.
Low footfall on wider economic concerns hit trading in the Americas, Dr Martens explained, while adverse weather also impacted October’s sales.
“Trading in the quarter was volatile and we saw a softer December in line with trends across the industry,” chief executive Kenny Wilson commented.
“Whilst the consumer environment remains challenging, we are taking action to continue to grow our iconic brand and invest in our business.”
Dr Martens reiterated full-year guidance for a double-digit decline in revenue on a constant currency basis, as set out in November.
“Wholesale customers continue to have relatively low levels of in-market inventory, however the timing and level of re-orders is unpredictable, meaning that our visibility over wholesale remains weak,” the company added.