Dr Martens’ top bosses will not be paid their bonuses after the British bootmaker saw its profit and sales plunge during its full year.
Pre-tax profit fell almost 43% to £97.2m for the year ended 31 March, below the minimum threshold of £149m for its executive directors to qualify for a bonus.
The retailer said the drop was driven by a 24% plunge in revenue in its American division, one of its biggest markets.
Dr Martens CEO Kenny Wilson, who revealed he would be stepping down from the retailer, said: “Our FY24 results were as expected and reflect continued weak USA consumer demand.”
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In an update this week, the retailer also said that Guernsey-based IngreGrsy Limited has acquired a 38.46% stake in the business as part of a restructuring within owner Permira’s buyout fund, making IngreGrsy the largest shareholder.
The British bootmaker issued a statement saying that the Permira V fund ownership structure “is otherwise unchanged and remains ultimately controlled by Permira V GP Limited and advised by Permira Advisers LLP”.
Permira acquired Dr Martens from the Griggs family back in January 2014 for £300m.
Under Permira’s ownership, Dr Martens was listed on the London Stock Exchange at £3.7bn in January 2021. Since then, its share price has plummeted by 85%, reducing the company’s value to £670m as of 16 April 2024, coinciding with its fifth profit warning in three years.
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