A shift toward full-price demand and tighter discounts helped Dr Martens return to profit growth in the latest fiscal year.
For the 52 weeks ended 29 March, group revenue reached NZ$1.7 billion (£764.9 million), with the business prioritising margin strength and full-price selling over volume. Footwear remained the key growth driver, rising 19 per cent over the period.
CEO Ije Nwokorie said the performance reflects early progress from the company’s reset strategy.
“We returned the business to profit growth, delivering a 61 per cent increase and made good progress pivoting the business to a consumer-first operating model,” Nwokorie said.
“Our focus on execution is paying off: We are improving the quality of revenues whilst strengthening margins, cash generation, the balance sheet and overall model resilience.”
He added that the brand is entering the next phase of its strategy, with an emphasis on scaling in the year ahead.
“Desire for the Dr Martens brand continues to grow, with more collaborators approaching us, increased wholesale partner support, strong consumer response to new product families, and an excited reaction from the market to our first beacon store on Brewer Street, London,” he said.
Regionally, performance varied as the company said it reduced its reliance on discount-led sales.
In the Americas, full-price direct-to-consumer revenue rose 14 per cent, while wholesale grew 1.2 per cent. Overall revenue in the region increased 1.1 per cent.
In EMEA, revenue declined 1.7 per cent. Wholesale grew 7.6 per cent, but full-price direct-to-consumer sales fell 13 per cent.
Apac revenue was flat over the period, as planned reductions in clearance activity weighed on total sales. However, full-price direct-to-consumer revenue increased 15 per cent, with an eight percentage point improvement in mix. South Korea was reported as a strong-performing market.
Looking ahead, Nwokorie said the company expects improved profits in the coming months.
“We will lean in with increased investment in the brand and targeted retail store upgrades, as well as continuing to build strong wholesale partner relationships to support demand at scale,” he added.
