Dr Martens cites drop in direct-to-consumer promotions as revenue dips
Group revenue fell 2.7% in Q3 to £253 million, as the boots brand took a more 'disciplined' approach to promotions.
Dr. Martens reported Q3 Group revenue down 2.7% on a constant currency basis to £253 million for the 13 weeks ended 28 December 2025, leaving year-to-date revenue down 0.7% to £580 million.
The company said the decline reflected its disciplined approach to promotions and reduced clearance activity that weighed on its Direct to Consumer sales.
"This is a year of pivot, as we make the necessary changes to our business to set us up for future sustainable growth," said CEO Ije Nwokorie.
"We have continued to improve the quality of our revenue through a disciplined approach to promotions and this represents a headwind to overall revenue, particularly in Ecommerce."
In particular, Nwokorie noted that the EMEA market was proving 'challenging' but said he was pleased with performance in the Americas, citing "good growth" for the boots brand in both wholesale and retail.
Declining DTC
Dr Martens said groupwide DTC revenue fell 6.5% in Q3 and 3.3% year-to-date, while wholesale revenue rose 9.5% in Q3 and 4.2% year-to-date on a constant currency basis.
In the Americas DTC grew 1% and wholesale increased 6%, producing year-to-date growth of 4.5% on a constant currency basis, the company said.
EMEA wholesale revenues were up 13% in Q3 while DTC fell 12%, leaving EMEA revenue down 6% on a constant currency basis.
In APAC wholesale rose 8% and DTC fell 6%, producing an overall revenue decline of 3% on a constant currency basis.
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The company also reported full price DTC revenues up 2% year-to-date and said it extended its Latin America distribution agreement with Crosby to include Colombia, Costa Rica, Peru and Uruguay.
For FY26 the company said it expects revenue on a constant currency basis to be broadly flat as it prioritises revenue quality and profitability and says it remains on track for significant year-on-year profit before tax growth; based on current spot rates the company now expects a c.£15 million headwind to group revenue and a broadly neutral impact on Adjusted PBT.
The Recap
- Q3 group revenue fell 2.7% to £253 million.
- Wholesale revenue rose 9.5% in Q3 on constant currency.
- Company expects FY26 revenue broadly flat and profit growth.
