Dr. Martens reports 'green shoots' in H1 as new strategy takes shape

British footwear brand Dr. Martens has reported early progress on the turnaround strategy it set out in June, delivering improved margins and a sharp rise in shoe volumes. The results land as the brand enters a new footwear segment with the launch of the 1460 Rain, its first-ever waterproof wellington boot.

For the 26 weeks ending 28 September 2025, the business achieved a 6% rise in full-price direct-to-consumer (DTC) revenue, reflecting a deliberate shift away from discounting and towards what it describes as "quality of revenue".

Group revenue remained flat at £322 million, up 0.8% on a constant currency basis, but the brand emphasised that the real progress lies in the early traction of its consumer-first framework.

Chief Executive Officer Ije Nwokorie said the company is "happy with the advances we’re making" as it moves away from a channel-driven model. "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," he said. "While it’s still early days, we are seeing green shoots across each of our four Levers for Growth and are confident in our plans for the year."

Operating costs were flat year-on-year. The company also strengthened its balance sheet, reducing net bank debt to £154.3 million from £186.8 million a year earlier.

Performance varied by region, with the Americas delivering the strongest results through growth in both DTC and wholesale. EMEA remained challenging amid a highly promotional backdrop, while APAC recorded steady progress driven by South Korea and Japan.

Looking ahead, Dr. Martens said it remains on track with full-year forecasts for between £53 million to £60 million underlying pre-tax profits, although it said this did not include the tariff hit.

The footwear retailer makes the bulk of its footwear in Vietnam, which has been hit with higher US tariffs in US President Donald Trump’s trade war. It said it now expects a "high single digit" million-pound impact from tariffs on full-year profits, of which roughly half can be offset in 2025-26 because of the timing of action being taken.

Nwokorie concluded, "While the marketplace remains uncertain and consumers are cautious, and our biggest trading weeks are ahead, we are confident in our plans for the year. I am laser-focused on execution and setting the business up for growth in the coming years."