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Dr Martens sinks to FTSE 250 bottom on annual profit warning

Jan 19 Reuters UK39;s commodityheavy FTSE 100 fell on Thursday, with energy firms and material stocks dragging the benchmark index lower, while shares of bootmaker Dr Martens slumped to a record low after its annual profit warning.

The FTSE 100 slid 0.6, while the domesticallyoriented FTSE 250 shed 1.0.

Energy heavyweights Shell and BP fell below 1.7, while industrial miners shed 1.8 as crude and copper prices declined after disappointing U.S. economic data and on worries about a hawkish Federal Reserve.

Dr Martens sank 23.6, after it warned of a lower annual profit and revenue due to operational issues at its new U.S. distribution centre. The stock dragged the personal goods sector down 4.1.

U.S. sales… is viewed as a key market for growth for the company, said Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown.

Operational issues have forced Dr Martensto take on new space and an extra shift of staff to sort out the problems which will also push up costs.

The bluechip and midcap indexes had been enjoying a string of gains during the first two weeks of 2023, but saw their first threeday losing streak this week as company earnings and economic data for the last quarter rolled in.

Though economic conditions in the previous quarter seemed better than…

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