Dr. Martens shares fall after flat revenue forecast for 2026

Shares in British shoemaker Dr. Martens fell by almost 12 percent on the London Stock Exchange on Tuesday. This followed the publication of a company report on the same day, signed by CEO Ije Nwokorie. He states that revenue for fiscal year 2026 will likely remain stable.

This is not good news, considering the declining performance over the past year. In the third quarter, group revenue fell by 3.1 percent to 251 million pounds (346 million dollars). Year-to-date revenue was 573 million pounds, a decrease of 1.8 percent.

Wholesale revenue increased by 9.3 percent in the same quarter, while direct-to-consumer (D2C) sales fell by 7 percent. In the Americas region, overall revenue grew slightly (2 percent). EMEA (down 6 percent) and APAC (down 3 percent) experienced declining sales through direct channels.

According to Nwokorie, the revenue performance reflects the difficult market conditions and the company's restrained promotional policy. “This created a headwind for overall revenues, which was particularly visible in e-commerce,” he states in the report. He is referring to the new strategy the company announced last year following the first signs of a profit decline.

Looking ahead, the company expects revenue in 2026 to remain broadly flat on a constant currency basis, as it focuses on profitability and sustainable long-term growth.

Dr. Martens emphasises that the company continues to focus on the quality of its revenue and strategic growth objectives. These include expansion into new markets and reducing reliance on sales.

Dr. Martens is a British footwear brand with points of sale in more than 60 countries worldwide. The very first boot was launched on April 1, 1960, in Wollaston, England, and was named the “1460” after the date of its production. Since then, Dr. Martens has been known for its robust combat boots and variations of the bulbous-toed shoe. It features distinctive (often bright) stitching and a comfortable sole. The brand has grown to become a symbol of rebellion and self-expression in fashion and music culture.

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