Dr Martens has made “good progress executing our consumer-first strategy” and said it remains on track to deliver significant profit growth in the financial year.
In a trading statement for the 13 weeks to December 28, 2025, the retailer reported a 2% jump in full-price DTC sales, noting a “particularly strong performance” in the Americas. Group revenues were down 2.7% to £253m, while year-to-date group sales dipped 0.7% to £580m in a “challenging consumer environment”.
Wholesale revenues jumped 9.5% on a constant currency basis and 4.2% year-to-date, but direct-to-consumer revenues dipped 6.5% on a constant currency basis and 3.3% year-to-date.
By region, Dr Martens said that the Americas delivered 2% revenue growth, with DTC sales up 1% and wholesale sales up 6%. This is all contributed to the year-to-date growth of 4.5%.
In Europe, the retailer reported a more “challenging” consumer backdrop, with a “larger proportion of [wholesale] sales in the promotional season” compared to its DTC channels – particularly in Germany and the UK. As a result, while wholesale sales soared 13%, DTC sales were down 12% and overall revenues were down 6%.
In Asia-Pacific, the retailer delivered 8% wholesale growth, but a DTC revenue decline of 6%, with overall sales down 3%.
During the period, the retailer extended its distribution agreement with partner Crosby in Latin America to include Colombia, Costa Rica, Peru and Uruguay.
The retailer said that for FY26, it is comfortable with market expectations for profits, resulting in a “significant year-on-year PBT growth”.
However, it warned that, based on current spot rates, it now expects a c.£15m headwind to group revenue and broadly neutral impact on adjusted PBT for the remainder of the financial year.
Chief executive Ije Nwokorie said: “This is a year of pivot, as we make the necessary changes to our business to set us up for future sustainable growth. I remain laser-focused on executing our new strategy and we will deliver all four of our strategic objectives for FY26. We have continued to improve the quality of our revenue through a disciplined approach to promotions and this represents a headwind to overall revenue, particularly in ecommerce. We remain on track to deliver significant year-on-year growth in PBT.
“I am particularly pleased with the performance of our Americas business, with both retail and wholesale showing good growth as a result of the actions taken over the past year. The EMEA market continues to be challenging, with our DTC revenue performance impacted by both the market and our more disciplined promotional stance. We delivered a good wholesale performance, with growth broad-based across all three regions.
“Our people and partners work incredibly hard for our brand, and I would like to thank each and every one of them for their passion and commitment.”
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