E-commerce revenue fell 1% to £276.3 million (US$351.43 million) but was up 1% on a constant currency basis. EMEA was up 9.6% (constant currency) and APAC grew 12.5%, offset by a decline of 9.9% in the U.S.

Retail revenue improved by 6.2% to £256.8 million (US$326.64 million) with growth of 9.5% on a constant currency basis. Meanwhile, wholesale revenue declined by 28.3% to £344 million (US$437.55 million), down 26% on a constant currency basis.

By region, Dr Martens saw a revenue decline of 2.5% in EMEA to £431.8 million (US$549.23 million), while the Americas were down 23.9% to £325.8 million (US$414.4 million) and APAC fell 7.4% to £119.5 million (US$152 million).

EBITDA for the year was down 19.4% to £197.5 million (US$251.2 million), with a margin that fell two points to 22.5%. Profit after tax declined by 46.3% to £69.2 million (US$88 million).

In the 2025 financial year, Dr Martens will implement a cost action plan across the group with cuts of £20-25 million (US$25.4-31.8 million), which the company says will focus on organisational efficiency and design, better procurement and operational streamlining.

CEO Kenny Wilson said: “Our FY24 results were as expected and reflect continued weak U.S. consumer demand. This particularly impacted our U.S. 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 U.S. 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 £20-25 million (US$25.4-31.8 million). 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.”