Dr. Martens on track to return to growth after reporting drop in sales and profit
Dr. Martens has posted an 10% drop in annual revenue to £787.6 million after experiencing challenging trading conditions in several of its core markets.
In the year to 30 March, adjusted pre-tax profit declined to £34.1 million from £97.2 million a year earlier.
The footwear brand said it had worked to stabilise the business in the period to enable it to now focus on the four objectives of engaging more consumers, driving more product purchase occasions, delivering “market-right” distribution, and simplifying its operating model.
It also returned its US direct-to-consumer channels to growth and reset its marketing approach to focus on product. During the year, the brand delivered cost savings of £25 million ahead of guidance.
Ije Nwokorie, Dr. Martens chief executive said: “Our single focus in FY25 was to bring stability back to Dr. Martens.
Never Miss a Retail Update!“We have achieved this by returning our direct-to-consumer channel in the Americas back to growth, resetting our marketing approach to focus relentlessly on our products, delivering cost savings, and significantly strengthening our balance sheet.”
Dr. Martens now expects to return to profit growth in the 2026 financial year.
Looking ahead, Nwokorie added: “There are significant markets for us to grow into, and we currently own just 0.7% of a total relevant market of £179 billion.
“This, combined with the enduring demand for our products, the robustness of our operations, the strength of our cashflow generation and balance sheet and the expertise of our people, gives me confidence that we will deliver the sustainable, profitable growth that this brand is capable of.”
