Dr. Martens reports revenue decline amid strategic pivot to full price sales

UK-based footwear brand Dr. Martens has reported a decline in third quarter revenue as the company prioritises full price sales over promotional volume. For the 13 weeks ended December 28, 2025, group revenue fell 2.7 percent on a constant currency (CC) basis to 253 million pounds (346 million dollars).

Performance by channel and region

The company is currently executing a strategy to reduce its reliance on discounted sales, particularly within its direct-to-consumer (DTC) channels. This shift led to a 6.5 percent CC decline in DTC revenue for the quarter, though full price DTC sales rose 2 percent in the year-to-date (YTD) period.

Wholesale performance proved more resilient, growing 9.5 percent CC during the quarter with broad-based increases across all geographic regions.

Americas delivered 2 percent revenue growth, supported by a 6 percent CC increase in wholesale. Retail performance remained positive, while e-commerce was flat as the brand scaled back clearance activity. EMEA revenue declined 6 percent CC as a result of a challenging consumer environment. Management noted a channel shift toward wholesale partners who engaged more heavily in seasonal promotions compared to the brand's own DTC channels. Revenue in the APAC region fell 3 percent CC, despite 8 percent growth in wholesale and continued strong performance in South Korea.

Management outlook and strategic objectives

Dr. Martens chief executive officer, Ije Nwokorie, described the current fiscal year as a ‘year of pivot’ intended to establish a foundation for sustainable growth. Despite the recent dip in revenue, the group remains on track to deliver significant year-over-year growth in profit before tax for fiscal year 2026.

The group confirmed it expects full year revenue to be broadly flat on a constant currency basis. However, it updated its currency guidance, now projecting a 15 million pound headwind to group revenue for the full year, up from previous estimates of 10 million pounds.