Dr Martens expects a return to profit growth in the next financial year, despite reporting a sharp 64.9% fall in profits for the year ending March 30, 2025.

The British footwear brand has unveiled a new strategic plan, Levers for Growth, as part of broader efforts to revive performance. Despite the profit drop, the company delivered full-year results “ahead of expectations”.

Adjusted pre-tax profit fell to £34.1 million (US$46.1 million), down from £97.2 million (US$131.4 million) a year earlier, a year-on-year decline of 64.9%. However, the result surpassed the company’s earlier forecast of £30.6 million (US$41.37 million).

Group revenue declined by 8% to £787.6 million (US$1.06 billion), in line with guidance. The company cited a “challenging macroeconomic and consumer backdrop” across several of its core markets, contributing to softer trading conditions.

Chief Executive Ije Nwokorie said the focus in FY25 had been to stabilise the business: “We have achieved this by returning our direct-to-consumer channel in the Americas back to growth, resetting our marketing approach to focus relentlessly on our products, delivering cost savings, and significantly strengthening our balance sheet.”

As part of the new strategy, Dr Martens plans to shift from a channel-first to a consumer-first approach, with the goal of increasing relevance and expanding its customer base.

“We will give more people more reasons to buy more of our products – whether that’s our iconic boots and shoes, newer product families like Zebzag and Buzz, or adjacent categories such as sandals, bags and leather goods,” said Nwokorie.

Looking ahead, Dr. Martens expects adjusted pre-tax profit in the next financial year to be between £54 million and £74 million (US$73-100 million), potentially more than doubling the figure recorded for FY25.