Nov 30 Reuters Dr Martens39; shares dropped to a record low on Thursday, after the British bootmaker forecast its annual revenue to decline and profit to miss market views due to a slow start to the autumnwinter season and staggered wholesale demand.

Shares in the midcap firm, which made its market debut in 2021, dropped 23 to a record low of 88 pence in early trades.

The maker of the clunky 1460 boots with yellow stitching commonly known as DMs, said on Thursday it expected revenue to decline by high singledigit percentage year on year, on a constant currency basis.

Fullyear core profit is also expected to be moderately below the bottom end of the range of market expectations. Analysts forecast a range of 223.7 million pounds to 240 million pounds 283.96 million to 304.66 million, according to a companycompiled consensus.

The British company has been struggling with waning demand, especially in the U.S. its secondlargest market by revenue as wholesalers turn cautious amid a gloomy economic outlook.

We expect that it will take longer to see a material improvement in U.S. performance than initially anticipated, Dr Martens said in a statement.

Wholesale customers have low inmarket inventory levels of our products, and therefore, we can expect them to reorder, however the timing and level of these reorders are unpredictable, reducing visibility in our wholesale business.

For the first half of the year, wholesale revenues dropped 17 to 199.4 million pounds.

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