Dr. Martens Profits Slump By More Than 90%

The maker of the iconic Dr. Martens footwear has seen its profits fall by more than 90% over the past year, BBC News reported.

The brand’s iconic yellow-stitched boots, made at the factory in Cobbs Lane, Wollaston, have been worn by everyone from the Sex Pistols to the Dalai Lama.

Dr. Martens, based in Wollaston, Northamptonshire, posted pre-tax profits of £8.8 million for the year ending in March, down from £93 million the previous year. The company said UK revenues were hit by “a challenging market.”

The Dr. Martens design originated in Germany in the 1940s, and production began in the UK in 1959 when the Northamptonshire-based Griggs Group bought the patent rights.

The brand’s iconic yellow-stitched boots, made at the factory in Cobbs Lane, Wollaston, have been worn by everyone from the Sex Pistols to the Dalai Lama.

The company has struggled in recent years, with declining revenues worsened by the cost-of-living crisis. Underlying profits—which exclude exceptional or non-recurring items—dropped from £97.2 million to £34.1 million in the year to March.