EL7.AI
StocksMediumUpdated×2•Originally published 12 November 2026•Updated 12 November 2026•
4 min read

Dr. Martens revenue falls 9.8% to £290.4 million in first half

Key Facts

1Reported revenue was £290.4 million, down 9.8% in the first half of the 2027 financial year.
2The company posted an adjusted loss before tax of £13.7 million, compared with £9.4 million in the corresponding period.
3Direct-to-consumer revenue fell 12.8% to £156.6 million, and pairs sold fell 10.5% to 4.2 million.
4Analyst consensus put financial-year revenue at £777 million and adjusted profit before tax at £65.7 million as of November 11.

Dr. Martens said on November 12 that reported revenue fell 9.8% to £290.4 million in the first half of its 2027 financial year, the 26 weeks ended September 27, 2026. At constant exchange rates, revenue fell 9.2% to £292.4 million, compared with £322.0 million in the corresponding period of the previous financial year. Chief Executive Ije Nwokorie said weakness in boots, affected by an unusually hot summer, and planned changes to the direct-to-consumer experience made the period’s performance disappointing. He added: "The key trading weeks ahead will be critical in determining the full-year outcome." The company is placing the upcoming shopping season at the center of its financial outlook, saying the range of potential revenue and profit before tax outcomes remains wide.

The slowdown weighed on adjusted profitability, with the company posting an adjusted loss before tax of £13.7 million on a reported basis, compared with a loss of £9.4 million in the first half of the previous financial year. The loss before tax was £8.5 million, against £11.0 million a year earlier. Reported gross margin was unchanged at 65.3%, according to the results statement. The figures show that stable gross margin coincided with a larger adjusted loss and lower revenue during the period. Revenue in the corresponding period had been £322.0 million, after rising 0.8% at constant exchange rates in the first half of the 2026 financial year.

The clearest pressure came from boots, while the company said shoes and sandals were more resilient, though their performance did not offset weakness in its core category. This divergence extended an earlier shift in the product mix: in the 2026 financial year, shoe revenue rose 19% and accounted for 31% of revenue, compared with 26% in the 2025 financial year. By market, revenue at constant exchange rates fell 21.3% in the UK and 5.1% in the US. The DACH region and Japan were close to stable, with declines of 2.3% and 2.5%, respectively. The comparison highlights the differing scale of the declines across markets, with a steeper fall in the UK than in the US and the other regions cited.

By sales channel, direct-to-consumer revenue fell 12.8% at constant exchange rates to £156.6 million, while wholesale and distribution revenue declined 4.7% to £135.8 million. The number of pairs sold also fell 10.5% to 4.2 million in the first half. The company linked pressure on direct sales to the launch of its new e-commerce platform in the US and Europe, which was followed by an expected decline in visits and conversion rates as customers adjusted to the new journeys and search engines settled. It said it deliberately cut performance marketing while working to recover traffic and improve the website ahead of the peak season. Direct sales therefore remained weaker than wholesale and distribution during the period.

The company’s reading of subsequent trading showed October revenue improving compared with September, which it described as a very weak month, but revenue overall remained at the pace of the second quarter. The second quarter had recorded a year-on-year decline in the mid-teens, according to the company statement. The October decline in direct-to-consumer sales continued to be driven by boots. Wholesale and distribution sales, meanwhile, began to shake off the negative effect of shipment timing seen in September. The improvement from September does not alter the company’s description of overall revenue in October, which remained close to the previous quarter’s pace.

Dr. Martens identified November, December and early January as decisive periods for the financial-year outcome, covering Black Friday, the weeks before Christmas and post-Christmas sales. It said the range of potential revenue and profit before tax outcomes would remain wide until these key trading periods had passed. According to analyst consensus as of November 11, annual revenue was estimated at £777 million and adjusted profit before tax at £65.7 million. The company also plans to launch a new sandal collection in the Spring/Summer 2027 season, during the fourth quarter of its 2027 financial year. The coming trading weeks, Nwokorie said, will be the decisive factor in the full-year outcome.