Dr Martens makes ‘good progress’ in bid for return to profitability
Dr Martens has said it’s made “good progress” in its battle to turn around its US performance, with revenues boosted over the Christmas trading period.
The iconic Northants boot and shoemaker reported a revenue rise of 3% across the group in Q3 to £267m, for the 13 weeks ended 29 December 2024.
It hopes to see the US region return to positive revenue growth in the second half of the year after its direct-to-consumer (DTC) revenue increased by 4%.
Dr Marten’s Europe, Middle East and Africa (EMEA) arm however saw DTC revenue decline by 5%, due to the “deep promotional nature of several markets, especially in December”.
The Asia-Pacific region was up 17%, driven by e-commerce and its largest market Japan, which continued to “deliver good growth”.
However for the year-to-date 2025, group revenue is down 9% to £599m in constant currency.
Ije Nwokorie, CEO of Dr Martens said: “I am excited to be CEO of Dr. Martens. The global relevance of our iconic brand, the strength of our product line and the passionate commitment of our team give me great confidence for FY25 and beyond.
Our Q3 trading was as expected and our outlook for FY25 remains unchanged. We have made good progress against our objective of turning around our USA performance, with USA DTC in positive growth in Q3. We continue to actively manage our costs and are on track to meet our inventory reduction target for FY25. The team and I are squarely focused on returning the business to sustainable and profitable growth.”
These latest unaudited results indicate a slower rate of decline in revenue, aligning with the company’s expectations for 2025.
