Dr. Promotions Martens collapsed 30% after worsening forecast and change of head of the company
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Shoe manufacturer Dr. Martens announced about changing the CEO amid falling income. Kenny Wilson will be replaced by the company’s current head of marketing, Ije Nwokori. This will happen at the end of the current financial year, that is, in March 2025.
About Mr. Nwokori’s arrival at Dr. Martens was announced in November 2023, and he took on the position of director of brand development only on February 1 of this year. However, falling sales in the United States and negative forecasts for the near future forced the board to look for a new CEO.
“The entire organization is focused on our action plan to restore demand for footwear, particularly in the United States,” Mr. Wilson said.
Today Dr. Martens worsened forecast for the next financial year – this is the second time. The company now expects its U.S. revenue could decline by more than 10%, pushing company-wide revenue down by a single-digit percentage. In a worst-case scenario, profits could fall to a third of their 2024 levels, the manufacturer warned.
Dr stock quotes Martens collapsed by 30% amid these statements.
History of Dr. Boots Martens – in the material “Kommersant Style” “Working class”.
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