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Dr. Martens has reported a 61.3% increase in adjusted pre-tax profit to £55m for the 52 weeks ended 29 March 2026, as consumer demand toward shoe silhouettes grew by 19% during the period.
In contrast, its revenue declined 2.9% to £764.9m, meeting its financial guidance by prioritising the “quality of revenue” over volume, specifically reducing off-price wholesale pairs in the USA by 31%.
The group’s adjusted EBITDA was also up 30.6% to £79.3m. Its shoe revenues by 19%, across a range of silhouettes including Lowell and Buzz, together with iconic silhouettes of the 1461 Shoe, the Adrian Tassel Loafer and the Mary Jane.
During the period, Dr. Martens achieved the objective of growing its product families of Lowell, Buzz and Zebzag, and they now account for 9% of pairs, triple the FY25 contribution.
Its EMEA markets saw good wholesale growth, up 7.6%, reflecting strong partner relationships and healthy order books.
However, as previously noted, its DTC performance was impacted by increased consumer participation in clearance, resulting in a 4pts decline in Full Price DTC mix, with Full Price DTC revenue down 13%.
According to Dr, Martens, growing Full Price mix in its largest EMEA markets is a priority for FY27.
The Americas emerged as the strongest performing region, with full-price direct-to-consumer (DTC) revenue increasing by 14%. Wholesale was up 1.2% which included the headwind from a large off-price wholesale deal in FY25.
The group also completed a structural reorganisation in the fourth quarter, removing regional layers in favour of a market-based model to simplify operations.
The business has now entered the “scale” phase of its turnaround strategy, supported by a reduction in net bank debt to £69.7m and the opening of a new flagship store on London’s Brewer Street.
The company noted that gross margin improved by 120 basis points to 66.2%, aided by tight cost controls and a reduction in non-marketing operating expenses.
Looking ahead, the group plans to deliver further strong PBT growth in FY27, driven by operational leverage.
It added that the company is currently navigating an unpredictable trading environment, with geopolitical uncertainty impacting consumer confidence, and against this backdrop are focused on executing our strategy.
There is still ongoing work to complete in some areas of the business, including the execution of our retail strategy, which will represent a short-term revenue headwind. However, the group believes that the business is materially “more resilient than it was previously and this underpins its confidence in its medium-term targets”.
Ije Nwokorie, chief executive of Dr. Martens, said: “In FY26 we returned the business to profit growth, delivering a 61% increase in adjusted PBT, and made good progress pivoting the business to a consumer-first operating model. Shoes were the standout performer, up 19%. Our focus on execution is paying off: we are improving the quality of revenues whilst strengthening margins.
“Desire for the Dr. Martens brand continues to grow, with more collaborators approaching us and increased wholesale partner support. With the operating model reset and key capabilities in place, our business is now well set up to deliver both our FY27 objectives and medium-term targets.”
