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:
Bohm and Harper lead the streaking Phillies to a sweep of the Nationals with 11Brady Singer strikes out nine, Royals defeat A's 8WikiLeaks founder Julian Assange's legal saga could soon end in UK6 people killed, 10 others injured in Idaho when pickup crashes into passenger vanKeller pitches 6 effective innings as the Pirates edge the Cubs 3Tottenham clinches Europa League spot with seasonCompanies are trying to attract more smartphone users across Africa. But there are risksHow major US stock indexes fared Friday, 5/17/2024Pogacar leads Giro by nearly 7 minutes after stunning win in Queen stageWood scores 2 as Nottingham Forest ensures Premier League survival by beating Burnley
2.5004s , 6503.4609375 kb
Copyright © 2024 Powered by Dr. Martens stock plunges after dour US revenue outlook ,Global Gazette news portal