Companies

Dr. Martens reports narrower losses in the first half

Nov 27, 2025 United Kingdom

The UK-based footwear company has narrowed its first-half losses as revenue has risen slightly and full-price sales have strengthened, thanks to the early success of its consumer-first strategy

“As we set out in June, we’re pivoting from a channel-first to a consumer-first strategy. Our brand is strong, as evidenced by the 33% increase in shoes volumes and the successful launch of new products such as the Zebzag Laceless boot and the 1460 Rain boot. While it’s still early days, we are happy with the advances we’re making and are seeing green shoots across each of our four Levers for Growth [consumer, market, products, organisation] (…)”, commented Ije Nwokorie, Chief Executive Officer.

First Half Results

In the first half of the 2026 financial year (ended on the 28^th of September, the company’s revenue reached 322 million British pounds (367.4 million euros), representing a 0.8% increase on a constant basis, as compared to the same period a year ago – DTC revenue remained unchanged, while wholesale revenue increased by 2%.

Dr. Martens emphasised that its strategy to improve revenue quality by increasing full-price sales and reducing clearance activity moderated overall growth. Consequently, full-price DTC revenue increased by 6% year-on-year. This also demonstrates the company’s progress with its Levers for Growth strategy.

Geographically, the Americas were the strongest region in the first half, with revenue up by 6% year-on-year on a constant basis, driven by growth in both DTC and wholesale. APAC revenue also grew by 2% on a constant basis, driven by strong results in South Korea and stable performance in Japan. Meanwhile, EMEA revenue fell by 3% on a constant basis due to ongoing weak DTC performance in a highly promotional market.

In the first half of this fiscal year, the company’s gross margin improved by 130 basis points to 65.3%, as compared to the same period a year ago. This was due to full-price performance and the continued effective management of input costs, which offset the impact of channel mix and higher tariff costs.

In the six months to the 28^th of September, Dr. Martens narrowed its losses from the first half of the 2025 fiscal year. Adjusted loss before tax improved from 16.6 million (18.9 million) to a loss of 9.4 million British pounds (10.7 million euros), and the PBT loss improved from 28.7 million (32.7 million) to 11.0 million British pounds (12.6 million euros).

Full Year Outlook

Despite the impact of US tariffs, which had not been included previously, Dr. Martens has reiterated its full year PBT adjusted consensus range of 53 million (60.5 million) to 60 million British pounds (68.5 million euros). “We can now give guidance on the impact of tariffs on FY26, and they represent a high single-digit £m headwind. Given the timing of our mitigation actions, we expect to offset roughly half of this impact”, the statement reads.

1 GBP = 1.14 EUR

Image Credits: wwd.com

United Kingdom Companies Dr. Martens Footwear Quarter Results Results