Dr Martens maintains guidance as financial year starts steadily

Dr Martens PLC on Thursday left its guidance unchanged as it said its financial year has started in line with expectations.

The London-based bootmaker said it has continued to see positive trading in its Americas direct to consumer channel, supported by full price sales, particularly in the Retail arm.

In the Europe, Middle East & Africa region, the DTC business is ‘more variable’.

The UK business is suffering from a ‘challenging trading backdrop,’ Dr Martens noted, while the Asia Pacific business is seeing good growth, with a particularly strong performance in South Korea, supported by its ‘well-established shoes category’.

Looking ahead, Dr Martens said the order books for autumn/winter globally are healthy. The EMEA order book is up compared to the prior year, while the Americas order book is broadly in line.

Dr Martens noted that this is based on a much wider product range than previously in the Americas.

As expected, performance will be weighted to the second half, particularly for profit, the company added.

It said it is focused on ‘embedding our new consumer-first levers for growth strategy,’ as previously announced.

‘The strategy capitalises on the clear strengths of the business today and taps into the significant new markets and profit pools that are available to us. It is centered on engaging more consumers, driving more product purchase occasions, curating market-right distribution and simplifying the operating model,’ Dr Martens added.

Shares in Dr Martens were up 2.3% at 77.90 pence in London on Thursday morning.

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