Dr Martens has returned to profit growth in FY26, with adjusted pre-tax profit up 61.3% to £55.0m as the business completed its pivot from a channel-led to a consumer-first model.
Revenue came in at £764.9m, down 1.4% in constant currency and in line with guidance, with the dip a deliberate trade-off as management pulled back on clearance and off-price activity to improve the quality of the topline.
This is evident in the margins: gross margin expanded by 120 bps to 66.2%, adjusted EBIT rose by 30% to £79.3m, and statutory PBT jumped to £32.7m from £8.8m. Adjusted EPS rose 75% to 4.2p.
Shoes were the standout product story, with revenue up 19% across new styles like Lowell, Buzz and Zebzag, which now account for 9% of pairs, triple last year.
The group said their famous boots show signs of ‘stabilisation’, but US sales still fell 8%.
Regionally, the Americas was the strongest performer. Full Price DTC revenue rose 14% with Full Price mix up 9 points, while wholesale grew 1.2% in constant currency despite a large off-price deal in FY25. APAC delivered improved quality of revenue, with Full Price DTC up 15% and South Korea particularly strong.
“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,” said Ije Nwokorie, Chief Executive Officer.
“Shoes were the standout performer, up 19%. 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.
“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.”