Dr. Martens plc reported a 0.8 percent decline in sales in the fiscal half ended September 28, but reduced its losses before taxes in half due to a strong focus on full-price selling and cost controls.

Ije Nwokorie, chief executive officer, said, “As we set out in June, we’re pivoting from a channel-first to a consumer-first strategy. Our brand is strong, as evidenced by the 33 percent 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 across each of our four Levers for Growth. This strategic progress, as well as the benefits from the cost action plan delivered last year and our continued focus on cost management, is delivering a meaningful improvement in our financial performance including a continued reduction in net bank debt.

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. I am laser-focused on execution and setting the business up for growth in the coming years. I’d like to thank every member of the Dr. Martens team, as well as our partners around the world, for their continued hard work and passionate commitment in this endeavour.”

Strategic summary
Dr. Martens said it is making good progress with all four Levers for Growth:

  • Dr. Martens’s Consumer goal for FY26 is to increase full price sales and reduce clearance activity, and in H1 its delivered Full Price DTC revenue up 6 percent, with full price DTC mix improving 5pts
  • In Product, Dr. Martens said it is focused on driving more purchase occasions and achieved a 33 percent increase in shoe volumes in H1. Dr. Martens said it reinforced its comfort credentials with its new Zebzag Laceless boot, and recently launched the fully waterproof 1460 Rain boot, which gives its access to an entirely new footwear segment
  • With Markets, Dr. Martens said it delivered new and expanded distribution partnerships for Latin America, Italy, UAE and the Philippines and deepened partnerships with its largest wholesale customers globally
  • Under Organization, Dr. Martens said it’s making progress in simplifying its ways of working with its Customer Data Platform, Supply and Demand Planning system and Global Technology Centre all increasing its efficiency and effectiveness in how we
  • work

Financial summary

  • Group revenue of £322m, up 0.8 percent CC (constant currencies), with DTC revenue flat CC and Wholesale revenue up 2 percent CC. Overall revenue growth was impacted by a focus on improving the quality of revenue by increasing full price mix and reducing clearance. As a result, full price4 DTC revenue was up 6 percent.
    • Americas was the best performing region with revenue up 6 percent CC; both DTC and Wholesale were in positive growth
    • EMEA revenue declined 3 percent CC with a continued subdued DTC performance against a promotional backdrop
    • APAC revenue grew 2 percent CC with particular strength in South Korea and steady performance in Japan
  • Gross margin improved 130bps to 65.3 percent, with full price performance and continued good management of input costs more than offsetting channel mix and the headwind from higher tariff costs
  • Strong operating cost control, with non-demand-generating operating costs flat year-on-year
  • Adjusted PBT of £9.2m loss CC, significantly improved versus £16.6m loss H1 FY25. Reported PBT loss of £11.0m, versus £28.7m loss H1 FY25
  • Continued strong cash performance driving balance sheet strength, with net bank debt (excluding leases) of £154.3m, down from £186.8m last year
  • Interim dividend of 0.85p, set at one-third of the prior year total dividend, in line with policy

Current Trading and Guidance
Dr. Martens stated, “While the trading backdrop across our markets remains volatile, we are focused on executing our plans, growing profit and taking the right decisions for FY27 and beyond. Since the end of the first half, our Americas business has continued to deliver positive full price DTC growth. Our EMEA business continues to see variable trading and a particularly challenging performance in Retail across our largest markets. Our APAC business continues to trade well.

“The SS26 wholesale order books are healthier year-on-year with the Americas order book showing good progression indicating a positive shift in confidence among key accounts and the EMEA order book showing an encouraging breadth of product, particularly in shoes.

“Our focus in managing the increased USA tariffs has been on ensuring that we mitigate their impact on our business for FY27 and beyond. This aim has driven both the actions we have taken and the timing of those actions. We expect to fully mitigate t he impact of increased tariffs for FY27 and beyond through continued tight cost control, flexible product sourcing, and targeted adjustments to our USA pricing policy.

“For FY26 we are trading in line with our expectations and, as of 17 November 2025, the sell-side Adjusted PBT consensus range was £53m to £60m. These figures did not include any impact from tariffs, and we remain comfortable in achieving this range on that basis. We can now give guidance on the impact of tariffs on FY26, and they represent a high single-digit £m headwind. Given the timing of our mitigation actions, we expect to offset roughly half of this impact.

“Based on current spot rates as at 17 November 2025, we anticipate a currency impact of a c.£10m headwind to Group revenue and a benefit to Adjusted PBT of c.£2m.”

Image courtesy Dr. Martens