Dr Martens makes strategic progress in first half
The British footwear brand reported revenue for the 26 weeks to September 28, 2025 was £322 million (US$425.24 million), broadly flat year-on-year, with performance up 0.8% on a constant-currency basis. The focus on reducing discounting pushed full-price direct-to-consumer (DTC) sales up 6%, although total ecommerce revenue fell due to lower clearance activity. Retail grew 3% and wholesale 0.6%.
Gross margin strengthened to 65.3%, driven by better full-price mix and cost control. Adjusted loss before tax narrowed significantly to £9.4 million (US$12.41 million), from £16.6 million (US$21.92 million) a year earlier. Net bank debt fell to £154.3 million (US$203.77 million), down from £186.8 million (US$246.69 million) in H1 FY25.
CEO Ije Nwokorie said early signs of progress are visible across all four “Levers for Growth”, highlighting strong consumer response to new products such as the Zebzag Laceless boot and fully waterproof 1460 Rain boot, as well as a 33% increase in shoe volumes.
Regionally, the Americas delivered the strongest performance, with revenue up 6% at constant currency, while APAC grew 2% and EMEA declined 3% amid a highly promotional environment.
Dr Martens confirmed that wholesale order books for SS26 are healthier year-on-year, with improved confidence from key accounts, particularly in the Americas.