Dr Martens profits plummet as US consumers turn their backs on bootmaker

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Dr Martens has announced a swathe of cost-cutting plans, after the bootmaker’s bottom line was hit by plummeting demand in the US last year. Kenny Wilson, Dr Martens’ chief executive, said the results were “as expected and reflect continued weak USA consumer demand”. “We are clear that we need to drive demand in the USA to return to growth in onwards and are executing a detailed plan to achieve this, with refocused and increased USA marketing investment in the year ahead.” “We are also announcing a cost action plan across the Group, targeting savings of £20 million to £25 million. “I am confident that the actions we are taking as we enter this year of transition will put us in good shape for the years ahead.” Mr Wilson is to step down later this year, to be replaced by Ije Nwokorie, who is currently chief brand officer at the business, before the end of the current financial year.