Dr Martens issued its third profit warning in five months, as it struggled with higher-than-expected costs at a new Los Angeles distribution centreDr Martens issued its third profit warning in five months on Friday, as it struggled with higher-than-expected costs at a new Los Angeles distribution centre.
The British company, whose pricey work boots have been fashionable since the 1960s, also said its chief financial officer Jon Mortimore would leave once it finds a replacement. Mr Mortimore’s resignation comes as Dr Martens issued its third profit warning since November, when it flagged a sharp hit to profit margins on weaker-than-expected demand before Christmas.
In January, the maker of the clunky 1460 boots with yellow stitching commonly known as “DMs” had flagged lower core profit after struggling with bottleneck issues at its LA distribution centre, affecting its capacity to meet wholesale demand. Shipments from its LA operation were back to normal levels, it said on Friday.