Dr Martens profit and sales plunged during its full year, as it was faced with weak US consumer demand.
Pre-tax profit plummeted almost 43% to £97.2m for the year ended 31 March as sales fell 12% to £877m at the footwear retailer.
This was driven by a 24% plunge in revenue in its American division.
Dr Martens CEO Kenny Wilson, who revealed last month that he is stepping down from the retailer, said: “Our FY24 results were as expected and reflect continued weak USA consumer demand.
“We are clear that we need to drive demand in the USA to return to growth in FY26 onwards and are executing a detailed plan to achieve this, with refocused and increased USA marketing investment in the year ahead.”
The retailer is also targeting cost savings of between £20m to £25m.
The footwear brand said its current trading remained in line with expectations, and its outlook for its current financial year were unchanged. It expects sales to decline around 20% in the first half, driven by its wholesales revenues which are expected to drop by a third.
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Despite the profit and sales drop over the last year, Dr Martens retail sales rose 6% and its DTC business now accounts for 61% of overall sales.
The group opened 35 net new own stores globally over the period, with the majority based in continental Europe and APAC.
In April, Dr Martens was circled by various firms looking to snap up the embattled footwear retailer.
Potential buyers of the brand included Louis Vuitton-owner LVMH and VF Corporation in the US, the company behind Timberland, Vans and the North Face.
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