British bootmaker Dr. Martens posted a 3% fall in its third-quarter reported revenue on Monday, as consumers stayed away from pricey purchases in key markets due to economic uncertainties.
The company, whose leather boots can be priced as much as $200, has been cutting inventory and debt as part of its cost-saving and turnaround plans after elevated costs and weak wholesale demand, especially in the US, weighed on its earnings for months.
"We continue to actively manage our costs and are on track to meet our inventory reduction target for FY25," newly appointed CEO Ije Nwokorie said in a statement.
The Wellingborough, UK-based company has been actively investing in marketing, including discounts, to revive demand.
Dr. Martens logged 260 million pounds ($323.60 million) in revenue, down from 267.1 million pounds in the third quarter of fiscal 2024.
It, however, kept its 2025 financial year guidance unchanged.
