Iconic British shoe brand, Dr Martens, has warned that profits could suffer a big slump this financial year.

Pre-tax profits could be down as much as two-thirds, with the bootmaker blaming wholesale revenues in the US, which could cost around £20m, as reported by This is Money.

The bootmaker also has no plans to increase prices to offset cost inflation, which could result in a £35m dent in its profits.

But it said results for the year ending March 2024 would be in line with expectations, due to a rise in direct-to-consumer sales during its final quarter.

Now Dr Martens said it is focused on its 'action plan to reignite boot demand', particularly in the USA, which is its biggest market.

Since 2018, the brand's sales have nearly tripled to £1 billion, as its classic 1460 boots enjoyed a revival among Generation Z.