Dr. Martens dour US revenue outlook for the year sends stock of iconic bootmaker plunging

Chunky bootmaker Dr. Martens is warning of a tough year ahead. Dr. Martens shares plunged more than 30% Tuesday after the trendy British brand forecast that wholesale revenue in the U.S., its largest market, would decline by double-digits compared to that seen a year ago. That has the potential to bring a sizeable hit to Dr. Martens’ profitability. Beyond weakening revenue, Dr. Martens anticipates other hefty expenses related to the company’s talent retention plans as well as single-digit inflation in its cost base. Dr. Martens also announced a leadership shakeup — with Kenny Wilson set to soon step down as chief executive. Ije Nwokorie, Dr. Martens’ chief brand officer, is set to take his place before the end of the current financial year.