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Dr. Martens Shares Sink as Inflation Hurts Middle-Class Shoppers

  • Shares drop most on record after sales and earnings miss
  • Analysts say UK bootmaker is ‘not immune to macro softness’
Dr. Martens said it’s keeping its revenue forecast for the full year.

Dr. Martens said it’s keeping its revenue forecast for the full year.

Photographer: Simon Dawson/Bloomberg

Dr. Martens Plc shares plunged the most on record after the iconic bootmaker reported sales and earnings that missed analyst expectations, in a sign that middle-class consumers are also feeling the pinch of higher living costs. 

Revenue for the six-months to Sept. 30 was £418.6 million ($505.9 million), while earnings before interest, taxes, depreciation, and amortization was £88.8 million, the London-based company said in a filing Thursday. Both numbers missed Bloomberg Consensus estimates.