Dr Martens PLC on Thursday said revenue in its financial third quarter declined amid unpredictable timing of re-orders and weak visibility over wholesale.

The Northamptonshire, England-based boot maker said its third-quarter performance was in line with its November guidance.

In the three months to December 31, revenue fell 21% year-on-year to £267.1 million, while revenue in the year-to-date was 12% behind the prior year at GB662.9 million. For the three months to December 31, 2022, Dr Martens reported revenue of £335.9 million.

E-commerce revenue fell 9%, driven by a decline in the Americas. Retail revenue was flat, while wholesale revenue plunged 49%, with significant declines seen in the Americas and Europe Middle East and Africa regions.

‘The guidance provided at the time of our H1 results, for full year [constant currency] revenue decline of high single-digit percentage year-on-year, remains unchanged,’ the bootmaker said.

Looking ahead, Dr Martens said: ‘The appreciation of sterling since the end of H1 means that, if current foreign exchange rates persist, we anticipate a currency headwind to [profit] of approximately £5 million, together with a non-cash balance sheet translation charge, also of approximately £5 million.’

Dr Martens shares rose 5.4% to 79.45 pence each on Thursday morning in London.

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