Dr Martens returns to profit growth as turnaround gathers pace
Dr Martens has returned to profit growth in the year to 29 March as the company continues to move from a channel led to a “consumer-first” operating model.
Adjusted pre-tax profit climbed by 61.3% to £55 million in the period, which was in line with expectations.
Subscribe to TRBHowever, revenue fell by 2.9% to £764.9 million driven by a drop in direct-to-consumer revenue of 5.8% or 4.2% at constant currency.
The company said shoes were a strong growth engine in the year with revenue up 19%. Bags and accessories also performed well with revenue increasing by 15% following the success of the Top Handle Kiev in multiple colourways.
Ije Nwokorie, chief executive of Dr Martens, said: “There is still work to do in pivoting the business, however in FY27 we will also enter the scale phase of our strategy.
“Desire for the Dr. Martens brand continues to grow, with more collaborators approaching us, increased wholesale partner support, strong consumer response to new product families, and an excited reaction from the market to our first beacon store on Brewer Street, London.”
The company said there is still work to complete in some areas of its business, including the execution of its retail strategy, which will represent a short-term revenue headwind.
Nwokorie said: “In FY27, we will lean in with increased investment in the brand and targeted retail store upgrades, as well as continuing to build strong wholesale partner relationships to support demand at scale.
“With the operating model reset, key capabilities in place, combined with good visibility of our wholesale order books, our business is now well setup to deliver both our FY27 objectives and medium‑term targets.”
