Dr Martens has reported its financial results for the first half of the 2025 fiscal year, when revenue was down 18% (16% at constant currency) to £324.6 million (US$410.73 million).
Credit: Dr Martens
Direct-to-consumer (DTC) revenue made up 56.4% of the total and was down 7% in the period (5% at constant currency), while retail revenue alone was down 9% (7% at constant currency). Meanwhile, wholesale revenue declined by 29% (27% at constant currency).
EMEA revenue had a fall of 16% in the half, while Americas revenue fell 22% (20% at constant currency) at APAC declined by 12% (7% at constant currency), all within the company’s expectations.
The company is currently undertaking cost savings, which are expected to deliver £25 million (US$31.62 million) in the 2026 financial year.
Adjusted EBIT was a loss of £4.3 million (US$5.44 million) for the first half of the year, down from a gain of £39.7 million (US$50.21 million) in the same period of the 2024 financial year.
CEO Kenny Wilson said: “Our first half performance was in line with expectations and we remain confident in our ability to deliver on our plans and the targets we set for FY25. As we shared in May, this is a year of transition and we have made good progress with our four main objectives: pivot our marketing to a relentless focus on our product, turn around our U.S. DTC performance, reduce our operating cost base and strengthen the balance sheet.”
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