Boot maker Dr Martens has said its boss will step down later this year after it warned over profits again in the face of weak US demand. Shares dropped by as much as a quarter to a record low as a result. The London-based company said its struggles in the US have continued into the new financial year, with US wholesale revenues due to be down by double-digits year-on-year. It said orders for items in its Autumn/Winter collection are “significantly down” against last year. The retail firm predicted the drop in wholesale demand could knock profits by around £20 million for the year. Dr Martens also warned that it expects profits to also be hit by around £35 million due to continued cost inflation and investments through the business. The group said, in a worst-case scenario, it believes profits for the new financial year (full-year 2025) could plummet to a third of levels seen in the previous year. Chief executive officer Kenny Wilson said: “The full-year 2025 outlook is challenging, and the whole organisation is focused on our action plan to reignite boots demand, particularly in the USA, our largest market. “The nature of USA wholesale is that when customers...