Dr Martens PLC (LSE:DOCS) shares stomped higher after it posted expectedly poor full-year results, even though revenues came in worse than forecast.
Turnover of £877.1 million represented a year-on-year decrease of 12.3%, undershooting the 11% drop forecast by the market.
Operating profit came to £122.2 million, a decrease of 30.6%, which was a few percentage points better than the 34% decline anticipated.
Profit after tax fell 46.3% to £69.2 million.
Chief executive Kenny Wilson said the results “reflect continued weak USA consumer demand”. He announced a group-wide “cost action plan” intended to save up to £25 million.
The total dividend was slashed from 5.84p in the previous year to just 2.55p.
Looking ahead, Wilson warned that financial 2025 will be a transition year.
“We are clear that we need to drive demand in the USA to return to growth in FY26 onwards and are executing a detailed plan to achieve this, with refocused and increased USA marketing investment in the year ahead,” he said.
The shares rose 5% to 88p, having tumbled over 40% in the past 12 months.