Surging costs puts Dr Martens in a spot of bovver: British brand hikes price of its classic boot to £169
Dr Martens is bumping up the price of its boots for a second year as it battles the soaring cost of staff, energy and supplies.
The British bootmaker, whose classic lace-up design costs £159 a pair, will add £10 to the price.
It came as its shares crashed 22.7 per cent, or 65p, to 221.7p as it warned higher costs and a slowdown in demand would hit profits.
Rising costs: Iconic British bootmaker Dr Martens has hiked its prices for the second year in a row
Dr Martens said the squeeze on shoppers intensified in the six months to September 30, with sales growth ‘slower than anticipated’.
Profit fell by 5 per cent to £57.9million.
The shares are down 42 per cent since joining the London Stock Exchange at 370p in January 2021.
It soared on its debut, which followed a transformation for the brand from height of fashion for punk rockers 40 years ago, to a must-have for supermodels including Gigi Hadid and pop stars such as Rita Ora.
Interactive Investor investment head Victoria Scholar said: ‘Pressures from inflation and the consumer slowdown appear to be catching up with it.
‘It will be hoping for a boost to sales around Christmas, but January onwards could prove more challenging.’
But boss Kenny Wilson said it was ‘well positioned for future growth’.
He said customers were not put off by higher prices and stuck by guidance that sales growth this year would be in the ‘high teens’.
He said: ‘This is the strongest the brand has ever been.
‘We have opened 21 stores, increased marketing spending and paid a cost of living bonus to a large portion of staff.’