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The FTSE 250 has been fairly steady in 2023. That’s actually quite respectable, although shares in Dr Martens (LSE:DOCS) have managed to lose around half their market value.
The reason is straightforward – the last 18 months or so have been an almost unmitigated disaster. But there are signs the worst could be in for the company and the stock might be set for a 2024 recovery.
Profit warnings
How many profit warnings add up to a disaster? Management at Dr Martens has had five in six quarters, before withdrawing earnings guidance and growth targets entirely for next year.
This comes after the company announced a 17% decline in global revenues, led by a 22% drop in US sales. Management also announced it anticipates further declines in 2024.
Obviously, none of that is positive. But while optimistic shareholders have been hoping for a change of fortunes for some time now, I…
