Dr. Martens stock plunges after dour US revenue outlook
Time:2024-05-21 06:51:34 Source:worldViews(143)
NEW YORK (AP) — Chunky bootmaker Dr. Martens is warning of a tough year ahead.
Dr. Martens shares plunged more than 30% Tuesday after the iconic British brand forecast wholesale revenue in the U.S., its largest market, would decline by double-digits compared with last year.
Trading in Dr. Martens stock was temporarily halted on the London Stock Exchange early Tuesday as it sank to a record-low 0.64 pounds, according to FactSet.
That could translate into a sizeable hit to profits, with the company pointing to a base projected impact of 20 million pounds ($24.9 million) on pretax earnings year-over-year. In-season orders from wholesale customers could help ease U.S. revenue expectations, the company noted, but those are difficult to predict.
Previous:Here comes the char
Next:Pope trip to Luxembourg, Belgium confirmed for September, 2 weeks after challenging Asia visit
You may also like
- Biden says Brown v. Board of Education ruling was about more than education
- Yemen's Houthi rebels claim shooting down another US MQ
- Buy Uncle Monty's Rolls
- 'ALL Brits are welcome!' Mayor of Magaluf's message to UK holidaymakers following 'tourism
- Election 2024: Biden and Trump bypassed the Commission on Presidential Debates
- Stock market today: World shares retreat, though China stocks are lifted by new property measures
- Buy Uncle Monty's Rolls
- It's not a rock, it's the Athens Rock Lobsters. New minor league team honors B
- Revealed: Brit tourist, 19, subjected to sex attack in Majorca 'was gang