Dr. Martens shares fell on Tuesday after reporting a 2.7% decline in constant-currency revenue to £253 million for the 13 weeks ended 28 December 2025, as the footwear brand continues its strategic pivot away from promotional activity.
The company’s year-to-date group revenue fell 0.7% on a constant currency basis to £580 million, reflecting what management described as a deliberate focus on improving revenue quality rather than volume.
Shares were 8% lower at the time of writing on Tuesday as the group reported falling sales alongside a strategy shakeup that will reduce the level of promotional activity.
Adam Vettese, market analyst for eToro, explained taht: “Dr Martens’ Q3 update shows the bootmaker lacing up for a turnaround, but it’s a slow jog not a sprint. Group revenue dipped 3.1% in the festive quarter amid a deliberate pullback on discounts, leaving full year outlook broadly flat, prioritising profit quality over volume chases.
“Some positive signs are there with full price direct to consumer up 2% year to date with Americas holding firm at 2% growth, wholesale up 9.5%, and smart moves like shifting Vietnam production to blunt Trump tariffs. Yet Europe’s weak demand and reliance on new categories like Buzz and Zebzag mean execution risks loom large.”
Direct-to-consumer weakness
The quarter saw a stark divergence between sales channels. Wholesale revenue climbed 9.5% in constant currency terms, whilst direct-to-consumer (DTC) revenue dropped 6.5%, as the company reduced clearance activity and adopted a more disciplined promotional stance.
Despite the overall revenue decline, Dr. Martens highlighted that full-price DTC revenues rose 2% year-to-date, with particularly strong performance in the Americas region.
The EMEA region proved most challenging, with revenue declining 6% in constant currency during Q3. The company attributed this to a channel shift towards wholesale partners during the promotional season, particularly in Germany and the UK, which together account for over half of EMEA revenue. Wholesale revenues in the region increased 13%, whilst DTC fell 12%.
Americas delivered 2% revenue growth, with year-to-date growth of 4.5% in constant currency. The APAC region saw overall revenue decline 3%, though the company noted “continued strong growth” in South Korea and expressed satisfaction with growth in full-price DTC revenues following reduced promotional activity.
Outlook
Management expects full-year revenue to be broadly flat on a constant currency basis, maintaining its focus on profitability over volume growth. The company confirmed it remains “comfortable with market expectations for FY26 PBT”, which will deliver “significant year-on-year PBT growth”.