NEW YORK (AP) — Chunky bootmaker Dr. Martens is warning of a tough year ahead.
Dr. Martens shares plunged more than 30% Tuesday after the iconic British brand forecast wholesale revenue in the U.S., its largest market, would decline by double-digits compared with last year.
Trading in Dr. Martens stock was temporarily halted on the London Stock Exchange early Tuesday as it sank to a record-low 0.64 pounds, according to FactSet.
That could translate into a sizeable hit to profits, with the company pointing to a base projected impact of 20 million pounds ($24.9 million) on pretax earnings year-over-year. In-season orders from wholesale customers could help ease U.S. revenue expectations, the company noted, but those are difficult to predict.
Related articles:
Related suggestion:
Emily Henry interview: The secret to having a healthy relationship with loveGoldman Sachs upbeat on A shares8th Aswan int'l women film festival opens in EgyptEcuador announces complaint against Mexico at top UN court in diplomatic spatChinese FM meets with chairman of MSC FoundationIconic former Uruguayan President Jose Mujica says he has esophageal cancerChinese citizen killed, another wounded in mass stabbing attack at Sydney mallBeijing improves services to facilitate film and television projectsChinese, Cambodian martial artists make joint performance at famed Angkor'Flying Apsaras' takes flight in Beijing, set for nationwide tour
2.6072s , 6513.9921875 kb
Copyright © 2024 Powered by Dr. Martens stock plunges after dour US revenue outlook ,World Winds news portal