Dr Martens has seen its share price hit an all-time low after issuing its fourth profit warning in the space of a year.

The British shoemaker has seen its share price drop by 27% following its half-year financial results, with its market price standing at 79.1p, the lowest price recorded since its market debut in 2021.

The firm saw its wholesale revenue drop in the first six months of the financial year by 17% to £199.4m, blaming weaknesses in the US wholesale market, with customer destocking and reduced orders across the country as a result of macroeconomic pressures.

Its overall revenue also saw a drop of 5% in the first half of the financial year, with profit before tax falling by 55% to £25.8m in H1.

Chief executive officer at Dr Martens, Kenny Wilson, said: "In the USA, where there is an increasingly difficult consumer environment, our results have been more challenged, led by weakness in wholesale. We have strengthened the Americas leadership team and they are taking action, including refocusing marketing and improving our ecommerce trading capabilities.

"It is likely, however, that given the challenging backdrop it will take longer to see an improvement in USA results than initially anticipated. Notwithstanding the clear challenges we face in the USA market we remain very confident in our iconic brand and the significant growth opportunity ahead of us."

Despite these results, Dr Martens reported that its retail and ecommerce revenue increased by 15% and 3% respectively. It has opened 25 new stores globally in the six-month period.

Wilson added: "We saw a mixed trading performance in the first half of the year. We made good progress with our strategic priorities, continuing to invest in the business and our people to drive sustainable long-term growth.

"The DOCS strategy of brand control and prioritising more profitable sales via our own stores and websites continued to deliver, with Direct to Consumer ("DTC") revenues up 11% in constant currency, representing half of group revenues."

The firm also commenced a share buyback programme of £50m earlier this year, with the group purchasing £13.9m in the last six months, with 12.5 million shares also cancelled by the firm, equating to £18.9m.

Head of money and markets at Hargreaves Lansdown, Susannah Streeter, added: "Investors have put the boot into Dr Martens after it kicked hopes of revenue growth into touch. They’d already been disappointed by the bootmakers lack of progress this year but now shares have had another kicking, falling around 20% in early trade to a record low. It’s been a dismal year for the company and investors are highly unimpressed with the lack of detail on a turnaround."

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