Dr. Martens returns to profit growth in FY26

British footwear and accessories brand Dr. Martens reports making “good progress” as it shifts from a channel-led to a consumer-first operating model, as it delivers a return to profit growth for the financial year ending March 29, 2026, with pre-tax profit (PBT) rising 61 percent.

For the FY26, group revenue reached 764.9 million pounds, down 2.9 percent on a reported basis, or 1.4 percent at constant currency (CCY), which Dr. Martens said was reflective of its strategy to prioritise “quality of revenue and profitability growth,” by reducing clearance activity in direct-to-consumer (DTC) and off-price wholesale channels.

Adjusted EBIT increased 30.6 percent on a reported basis to 79.3 million pounds, while Adjusted PBT was up 61.3 percent to 55 million pounds.

In a breakdown of its regions, Europe, the Middle East, and Africa (EMEA), which includes the UK, reported revenues of 377.5 million pounds, a decline of 1.7 percent or 3.7 percent CCY, with the Americas hitting 278.4 million pounds, and the Asia-Pacific (APAC) region reporting 109 million pounds in revenue.

The report reveals that the Americas were the company’s best-performing region during the year, with full-price DTC revenues up 14 percent, and the full-price mix up 9 points. Wholesale was up 1.2 percent CCY, which included the headwind from a large off-price wholesale deal in FY25. The planned reduction in clearance to focus on full-price resulted in revenue up 1.1 percent CCY.

Dr. Martens pivoting to a consumer-first model driving growth

Its EMEA markets reported “good wholesale growth,” up 7.6 percent CCY, reflecting strong partner relationships and healthy order books, while DTC performance was affected by increased consumer participation in clearance activity, which resulted in a 4 points decline in full-price DTC mix, with revenue in that channel down 13 percent.

The British heritage brand said that growing the full-price mix in its largest EMEA markets, which are the UK, Germany, France, Italy and Spain, is a priority for FY27.

APAC revenue was broadly flat, down 0.3 percent CCY, due to planned reductions in clearance activity, through both e-commerce and with select wholesale partners; however, Dr. Martens highlighted a "strong" full-price retail performance in South Korea.

The company adds that FY26 centred on pivoting to a consumer-first model, following the stabilisation of the business in FY25. This included reducing clearance activity across both DTC and wholesale operations, restructuring its leadership team and simplifying the operating model to drive accountability.

It also placed an objective in reinforcing its premium product positioning, including growing its Lowell, Buzz and Zebzag product families, which now account for 9 percent of pairs, triple the FY25 contribution.

Dr. Martens sells 10.2 million pairs of shoes in FY26

Overall shoe revenue increased by 19 percent, supported by styles such as the Lowell and Buzz silhouettes, alongside its signature products, the 1461 Shoe, Adrian Tassel Loafer and Mary Jane. A breakdown of its product range shows that boots are still the most popular styles at 52 percent, followed by shoes at 31 percent, sandals at 11 percent, and bags and other items at 6 percent. For the FY26 financial year, the brand sold more than 10.2 million pairs of shoes.

Ije Nwokorie, chief executive officer at Dr. Martens, said in a statement: “In FY26, shoes were the standout performer, up 19 percent. Our focus on execution is paying off: we are improving the quality of revenues whilst strengthening margins, cash generation, the balance sheet and overall model resilience.”

Looking ahead to FY27, Dr. Martens said there is “more work to do” in pivoting the business, as it will begin the “scale phase” of its strategy, by increasing brand investment and delivering its improved retail strategy, moving from a transactional one-size-fits-all model to a tiered retail estate which repositions retail as a growth engine, with investment in high-potential stores.

Nwokorie added: “There is still work to do in pivoting the business; however, in FY27, we will also enter the scale phase of our strategy. Desire for the Dr. Martens Brand continues to grow, with more collaborators approaching us, increased wholesale partner support, strong consumer response to new product families, and an excited reaction from the market to our first beacon store on Brewer Street, London.

“In FY27, we will lean in with increased investment in the brand and targeted retail store upgrades, as well as continuing to build strong wholesale partner relationships to support demand at scale. With the operating model reset, key capabilities in place, combined with good visibility of our wholesale order books, our business is now well set up to deliver both our FY27 objectives and medium-term targets.”