After optimistic float, the boot is on the other foot with the fifth profit warning in three years, a fall in shares and CEO’s exit
Unfortunately for headline-writing purposes, the chief executive of Dr Martens has not been given the boot after issuing the company’s fifth – yes, fifth – profits warning in its three years as a listed company. Kenny Wilson has merely decided of his own accord to leave and, indeed, may take his time about it. He could be in post until next March before he hands over to Ije Nwokorie, a former Apple executive who became the chief brand officer earlier this year.
Wilson’s survival is more remarkable for the fact that Tuesday’s latest warning was a full 16-hole version with snazzy laces: the company’s “worst case scenario” for pre-tax profits this financial year is a fall of two-thirds, versus the market’s previous expectation for a slight improvement to £108m. The shares slumped by a third on Tuesday’s warning and are now 80% down from 2021’s float price.
