Dr Martens has posted a decline in both profits and revenue as it says the upcoming financial year will be a “year of transition for the business”.
The footwear brand recorded a 12% drop in revenue to £877m in the year to 31 March.
Profit before tax fell from £170m in the same period last year to £97.2m, while EBITDA slipped 19% to £197.5m.
Revenue in wholesale dropped 28.3% from £479m to £344m, while ecommerce revenue saw a 1% decline. Retail and direct-to-consumer (DTC) revenue saw a rise of 6.2% and 2.4% respectively.
Dr Martens reported a 2.5% decline in revenue in its Europe, Middle East and Africa division to £431.8m with core markets the UK, France, Germany, Spain and Italy seeing growth in DTC.
Its Asia-Pacific arm was down 7.4% to £119.5m, while the Americas saw a drop of 23.9% to £325.8m.
The retailer said financial year 2025 will be a “year of transition for the business” with a “relentless focus on product marketing” under incoming chief executive officer Ije Nwokorie who is currently chief brand officer.
The US remains the group’s priority with a “detailed action plan” to return this business to growth through marketing, digital and wholesale.
It also said it will be implementing a cost action plan and target £20m to £25m of cost reduction, but this is likely to materialise in 2026.
Dr Martens outgoing chief executive Kenny Wilson said: “Our FY24 results were as expected and reflect continued weak USA consumer demand.
“This particularly impacted our USA wholesale business and offset our group DTC performance, where pairs grew by 7%.
“We have achieved robust performances in EMEA and APAC, and our supply chain strategy continues to deliver good savings.
“We are clear that we need to drive demand in the USA to return to growth in FY26 onwards and are executing a detailed plan to achieve this, with refocused and increased USA marketing investment in the year ahead.
“We are also announcing a cost action plan across the group, targeting savings of £20m to £25m. I am confident that the actions we are taking as we enter this year of transition will put us in good shape for the years ahead.”
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