Dr. Martens’ chief executive officer Ije Nwokorie, who took the helm earlier this year, said on Thursday that the while the company is still in its “early days” of a turnaround, he is “happy” with the advances it is making in the business. The CEO added that this strategic progress, as well as the benefits from the cost action plan implemented last year and its continued focus on cost management, is “delivering a meaningful improvement” in the company’s financial performance including a continued reduction in net bank debt. In the first half of fiscal 2026, the U. K.-based footwear company noted that net revenue dipped 0. 8 percent on a reported basis to 322. 0 million pounds from 324. 6 million pounds the same period last year. noted that overall revenue growth was impacted by a focus on “improving the quality of revenue” by increasing full price mix and reducing clearance. Net debt for the first half was 302. 3 million pounds, down from 348. 7 million pounds in the first half of fiscal 2025. “While the marketplace remains uncertain and consumers are cautious, and our biggest trading weeks are ahead, we are confident in our plans for the year,” Nwokorie said. “I am laser-focused on execution and setting the business up for growth in the coming years.” Despite this confidence, shareholders remain concerned over the business, with shares for Dr. Martens down 13 percent on Thursday. By category, overall, pairs were down 1 percent to 4. 7 million, with DTC pairs down 3 percent driven by reduced clearance activity and wholesale pairs up 4 percent. Full price DTC pairs were up 6 percent, in line with the growth in full price DTC revenue. As a proportion of the first half of fiscal 2026 group revenue, boots accounted for 50 percent, shoes 30 percent, sandals 15 percent and bags and other items 5 percent. The company noted that the performance of shoes was driven by the Adrian tassel loafer, which saw pairs growth of 24 percent and the Adrian Black Polished Smooth was the number two bestselling overall product through DTC in the half. It also saw strong performances in the new Buzz shoe, the Mary Jane shoe, and the Lowell shoe. Boot pairs declined 17 percent in DTC or 9 percent overall in the first half, again impacted by the drive to increase full price mix. “As expected, we have seen continued softness in the performance of our iconic boots, namely the 1460 boot and the 2976 Chelsea boot, although the decline is now moderating and they remain amongst our top selling products,” the company noted. By channel, DTC revenue was down 1. 9 percent to 179. 5 million pounds in the first half, while wholesale was up 0. 6 percent to 142. 5 million pounds, as expected. Within DTC, retail revenue improved 3. 0 percent to 98. 2 million pounds and e-commerce was down 7. 3 percent to 81. 3 million pounds. By region, EMEA revenue was down 2. 3 percent to 158. 6 million pounds for the year while in APAC, revenue dipped 1. 9 percent to 46. 6 million pounds. In the Americas, revenue grew 1. 8 percent to 116. 8 million pounds. The company also noted that its spring/summer 2026 wholesale order books are “healthier year-on-year” with the Americas order book showing “good progression” indicating a positive shift in confidence among key accounts. The EMEA order book is showing an “encouraging breadth of product,” particularly in shoes, the company noted.
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