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G: a;; bargain for someone to add a brand.
The customer-reported weaknesses centre around just two areas - product quality (durability) and Customer Service. After the "This is Money" website reported yesterday's results the comments section was full of comments on quality ("They ain't made like they were before" and "over-priced for poor quality boots" etc), and "Customer Service is rubbish".
So I went to the company's website to see how they're talking about these two critical areas. They're not. Nothing on CS improvement plans, and Quality is buried in Sustainability in the Investors area of the website.
Good management would be talking about quality standards on the Front Page: quality assurance, how changing factories is a challenge and how it's managed, tannery accreditation, sole injection accreditation, bonding test results, how sewing threads and upper trims are sourced and tested etc. It is not confidential information, and it's a significant concern, real or perceived, by real customers. Why ignore it in Corporate Communications? Why ignore it on the customer facing pages?
The Dr. Martens product is a simple one with only a few components that need to be bonded or stitched together. There's no excuse for getting this wrong (if they do) but even more so no excuse for not addressing a major concern head-on.
I understand that CS is harder to address at a corporate level since the sales are regional and local, but quality is global.
Difference being that Ryanair are the cheapest carrier around with customers still opting to fly with them rather than paying more for essentially the same experience with slightly better customer service. Dr Martens are supposed to be an iconic premium brand, so shouldn't be getting negative review on trust pilot and not dealing with them. Customers with a bad experience are unlikely to return to Dr Martens unlike service companies like Ryanair. My wife purchased a pair of Dr Martens brogues last year and after a year of very minimal use the sole had started separating. She took it into the local store and was basically told to go away, and that a repair would cost her over £80 at which point they went straight in the bin and she will likely never return as a customer. I still have a relatively new pair and we shall see how long they last - I suspect not as long as the previous ones. The company is clearly in a bit of a mess and have taken their eye of customer care and quality.
Leaving free carry. 86-95 done
Another embarrassment on the IPO front, launched at 370p and topped 500p. Less than 3 years later it’s dancing with 80p.
They hired a new CFO early this month in November and then promoted a non-exec (also a director at Apple) as the chief brand officer.
It hasn’t done Ryanair any harm😂.
Surprised at the drop, back in at 85p.
Dr Martens reviews on Trustpilot are not good. If you read and analyse reviews, mostly DTC delivery issues or quality problem. I understand that their DTC is growing but when you don't reply to your customer's reviews and resolve problems, it looks BAD
https://uk.trustpilot.com/review/www.drmartens.com
If DOCS is to have any real chance here, company now visibly needs new management/fresh blood at the helm as current strategy (Geography, Product, Pricing, Marketing, Competition Displacement......etc.) is clearly NOT working IMHO.
In the US recently,Dicks sporting goods, Nike and JD Sports all gave profits upgrades due to excellent trading in America..Doc is poorly managed is the real reason the company is not doing well..Every time results are poor they increase the price of the shoes,this removing more customers from the equation
For a long lasting, effectively hand made, boot/shoe they aren't expensive. Where they had any quality issues was with the outsourcing of manufacture abroad, mainly China, and not controlling quality. You can specifically order UK manufactured boots if you want to. I do agree that the management and strategy has not been good for a while and today's RNS reinforces that. I made some money on FAB 2 days ago and lost it today here-but only if I sell. I'll hang onto my shares for a recovery, but hopefully that will not be as long as their produce can last.
Ok Run1 my perception is that the product is too expensive. Just go on Amazon and search Doc Martins and see what comes up - Doc Martins plus other cheaper stuff that to my mind looks as good if not better and cheaper. I’m not doubting quality. It has a premium product price and luxury goods seem to be struggling at the moment
I got out and made just £10 of profit, hahahaha
Repression ... I am a shoemaker by past profession and I can tell you that these shoes are tremendous value for money. Of course, ugly is a matter of taste but quality can be measured,
They have just relocated from suppliers in China to south east asia. More instability in their supply chain is the last thing they need.
Wouldn't hold out for Mike Ashley he won't be rushing to buy unless the liquidators are in control
Cant see a Takeover, unless the price is too good to ignore ...otherwise the shareholders wont sell out to a silly bid ..IMO
Dont see a bounce coming here ...the projected earnings per share, for the year dont suggest it is oversold IMO.....but speculators might take a chance on it
The US consumer seems to be tightening their belts and lookig for bargains ....photos of lines of people just waiting to get into a NIKE store in the hope of price reductions, shows how desperate people are to get something ...cheaper
I can see them having to reduce prices.....margin pressure
Market will knock this lower if this guidance has to be corrected again ..IMO
Same, could drop more yet by tomorrow afternoon.
The product is too expensive especially for what is the ugliest brand in fashion.
There are two types of management in this situation. The ones that can get a company out of it's hole, who have a serious plan that looks solid, and people who are just holding a job, either hoping things get better or waiting to get pensioned off.
I've learned from this and CROX that I should watch/listen to more of these earnings calls. You get a sense of the energy of senior management. Are they serious and confident about their plan? Can they present something convincing about the future? I got a lot of positive words from DOCS but the tone/presentation suggested they didn't believe in it and are just hoping it will work.
This is another Disney for me now. Management needs clearing out. I won't invest before then.
I'm sitting on my hands today.
Profit warnings sometimes take a few days to settle
Always buy the dip. In for a small punt @84.122. Good luck all.
Many UK companies struggle to succeed in the USA.
Also many companies with great products can go down rabbit holes as they try to grow and management execution gets more complicated.
The final dividend must be under pressure else this is a screaming buy.
GLA
Fantastic product, robust heritage, strong brand recognition, clear channels to global markets ... and yet spectacularly unsuccessful.
Smacks of mismanagement to me. I'm not sure the board is smart enough. Blaming the weather, really? That's a Joules level comment.
Need serious players from the likes of adidas who know how to make it come together.
And soon too.