Dr Martens chief to exit as shares hit record low after profit warning

British bootmaker says it does not expect to increase prices this year as it reports poor US sales

Shares in Dr Martens plummeted to a new low as the UK bootmaker warned on profits and poor performance in the US, and announced the departure of its chief executive.

The brand, known for its yellow-stitched thick-soled boots, warned sales would fall by a single-digit percentage in the year to the end of March 2025, compared with a year earlier. Profit before tax could be just a third of last year’s £159m in a worst-case scenario.