Dr. Martens is raising the price of its shoes for the second year in a row as it struggles with rising costs for employees, energy and supplies.
The British bootmaker, whose classic lace-up design costs £159 a pair, will add £10 to the price.
It came as its shares fell 22.7 per cent, or 65p, to 221.7p as it warned higher costs and a slump in demand would hit profits.
Rising costs: Iconic British bootmaker Dr Martens hikes prices for second year in a row
Dr Martens said as pressure mounted on buyers in the six months to 30 September, sales growth was ‘slower than anticipated’.
Profit fell 5 percent to £57.9 million.
shares They are down 42 per cent since joining the London Stock Exchange in January 2021 at 370p.
It soared upon its debut, which followed the brand’s transformation from the height of fashion for punk rockers 40 years earlier to a must-have for supermodels including pop stars like Gigi Hadid and Rita Ora.
Interactive Investor investment head Victoria Schaller said: ‘Inflationary pressures and the consumer downturn are catching up with it.
‘It will be hoping to boost sales around Christmas, but January onwards could prove more challenging.’
But boss Kenny Wilson said it was ‘well positioned for future growth’.
He said customers were not put off by higher prices and stuck to guidance that sales growth would be in the “high teens” this year.
He said: ‘It’s the strongest brand ever.
‘We have opened 21 stores, increased marketing spend and paid a living wage bonus to a significant portion of the staff.’
Credit: www.thisismoney.co.uk /