Dr Martens has reported a 3.1% decline in group revenues to £253m for the third quarter ended 28 December 2025, as the shoe retailer made the strategic decision to reduce clearance activity amid a “challenging” consumer environment.
The London-listed company saw direct-to-consumer revenues fall 7% during the period as it prioritised full price sales over promotions.
Growth in the Americas reached 2%, while revenue in Europe, the Middle East and Africa declined 6% on a constant currency basis.
Wholesale revenue rose 9.3% to £111m, driven by a 13% increase in the EMEA region and growth in the Americas. The company extended its distribution agreement with partner Crosby to include four additional markets in Latin America, including Colombia and Peru.
Nevertheless, management has maintained its profit before tax guidance for the 2026 financial year, expecting significant year-on-year growth. The business also expects full-year revenues to remain broadly flat as it focuses on its consumer-first strategy and simplifies its operating model.
The company said currency fluctuations are expected to create a £15m headwind to group revenues, an increase from the £10m previously guided in November, adding that the impact on adjusted profit before tax is now expected to be broadly neutral.
Ije Nwokorie, chief executive of Dr Martens, 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.”
