In a trading statement for the 13 weeks ending December 28, 2025, the footwear group reported Q3 revenue of £253 million (US$344.9 million), down 2.7% at constant currency (3.1% reported), reflecting a challenging consumer environment and a deliberate move away from heavy discounting, particularly online.
Year to date, group revenue was down 0.7% at constant currency to £580 million (US$790.8 million).
Wholesale continued to outperform, with Q3 revenue up 9.5% at constant currency and up 4.2% year to date, while Direct-to-Consumer (DTC) revenue fell 6.5% in the quarter as the company reduced clearance activity and tightened its promotional approach. Full-price DTC revenue was up 2% year to date, supported by a strong performance in the Americas.
Chief executive Ije Nwokorie described FY26 as “a year of pivot”, saying the group is focused on improving revenue quality and setting the business up for sustainable long-term growth. “We remain on track to deliver significant year-on-year growth in PBT,” she said, adding that the Americas business continued to perform particularly well.
Regionally, the Americas delivered Q3 revenue growth of 2% at constant currency, driven by retail strength and wholesale growth of 6%, with year-to-date revenue up 4.5%. EMEA remained challenging, with overall Q3 revenue down 6% as the group took a more disciplined approach to promotions in its DTC channels, particularly in Germany and the UK. This was partly offset by a strong wholesale performance, with EMEA wholesale revenue up 13% in the quarter. In APAC, wholesale revenue rose 8%, but weaker DTC sales resulted in a 3% overall revenue decline.
The company also highlighted progress against its strategic priorities, including reducing reliance on discounted pairs in Americas wholesale, driving growth in newer product families, simplifying its operating model and expanding into new markets through capital-light partnerships. During the quarter, Dr Martens extended its Latin America distribution agreement with Crosby to cover additional countries including Colombia, Peru and Uruguay.
Looking ahead, Dr Martens expects FY26 revenue to be broadly flat at constant currency as it prioritises profitability over top-line growth. The group said it remains comfortable with current market expectations for FY26 profit before tax, which would represent significant year-on-year growth, despite ongoing foreign exchange volatility increasing the expected revenue headwind to around £15 million (US$20.5 million).
