Dr. Martens (LSE:DOCS) reported adjusted pre-tax profit rose 61.3% to £55m in the 52 weeks to 29 March versus FY25, with group revenue at £764.9m and the business pivoting from channel-led to consumer-first.
Group revenue was down 2.9% reported and 1.4% at constant currency as management deliberately reduced clearance activity, off-price USA wholesale pairs fell 31%, gross margin improved 120 basis points to 66.2% and non-marketing costs declined 6.0%.
"In FY26 we returned the business to profit growth, delivering a 61% increase in adjusted PBT, with revenue in line with guidance, and made good progress pivoting the business to a consumer‑first operating model," Ije Nwokorie, Chief Executive Officer.
By channel and market, shoes were the standout category, up 19%, Americas led with Full Price DTC revenue +14% and wholesale +1.2% CC, EMEA wholesale grew 7.6% CC despite weaker EMEA DTC Full Price sales, and APAC was broadly flat with Full Price DTC up 15%.
Balance sheet and returns showed net bank debt excluding leases down to £69.7m from £94.1m, net debt including leases £213.5m, the dividend was maintained at 2.55p, and the group recognised prior IEEPA‑related US tariff costs as an adjusting operating expense to preserve underlying comparability.
The company said FY27 begins the scale phase with increased brand investment and targeted retail upgrades, supported by stronger wholesale order books and unchanged medium‑term targets for profitable revenue growth and mid-to-high teens EBIT margins.
