Dr Martens plans to raise prices in the US from January to offset a multimillion-pound tariffs hit.
The footwear retailer had pledged to keep prices on hold in 2025 despite high tariffs, but said it would need to make increases on ‘selected products’ in the US only.
It makes the bulk of its footwear in Vietnam and almost a third in neighbouring Laos, which have been hit with higher tariffs because of US President Donald Trump’s trade war.
Dr Martens now expects a ‘high single-digit’ million-pound impact from tariffs on full-year profits.
Ije Nwokorie, chief executive of Dr Martens, said that the company would not need to increase prices elsewhere globally.
It has forecast between £53million and £60million in underlying pre-tax profits, after results showed pre-tax losses of £11million for the six months to September 28.
Tariff kicking: Dr Martens makes the bulk of its footwear in Vietnam and almost a third in neighbouring Laos, which have been hit by US President Donald Trump’s trade war
Sales rose 0.8 per cent to £327.3million. Shares fell 9.6 per cent, or 7.8p, to 73.8p.
Mr Nwokorie said: ‘Our brand is strong, as evidenced by the 33% increase in shoes volumes and the successful launch of new products such as the Zebzag Laceless boot and the 1460 Rain boot.
‘While it’s still early days, we are happy with the advances we’re making and are seeing green shoots.
‘While the marketplace remains uncertain and consumers are cautious, and our biggest trading weeks are ahead, we are confident in our plans for the year.’
The group also said sales of shoes had overtaken boots for the first time in the first half, driven by demand for its Adrian tassel loafer, which saw sales growth of 24%, and its Adrian Black Polished Smooth shoe design, which was the number two bestseller.
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