The company also achieved EBITDA in line with the previous year’s results of £88.8 million (US$107.48 million), while EBITDA margin dropped by 2.8 points to 21.2%.

Dr Martens noted that the consumer environment weakened throughout the first half of the 2023 fiscal year, with direct-to-consumer (DTC) growth slower than anticipated. The DTC result was up by 21% in the period to £179.8 million (US$217.62 million).

Meanwhile, wholesale revenues were up by 15% to £238.8 million (US$289.03 million) and the company reports that this aspect of the business has been strong throughout the second half of the year.

Kenny Wilson, CEO of Dr Martens, said: “Although there are economic challenges ahead, we are well positioned for future growth. We will continue to drive growth investment to deliver the DOCS strategy, mainly in new stores, marketing, people, technology and inventory.”