Dr. Martens plc saw its shares tumble 16% on Thursday after the footwear company released first-half figures that fell short of market expectations and issued a cautious outlook for the remainder of the financial year.
For the 26 weeks ended September 27, 2026, reported revenue was
In constant currency terms, revenue decreased by 9.2% to
The group posted an adjusted loss before tax of
Management attributed a large portion of the shortfall to unusually warm summer weather, which it said weakened demand for its core boots assortment across European markets. While sales of shoes and sandals held up better, the company said those categories were insufficient to compensate for the drop in boot sales.
"The weakness in boots combined with the impact of the planned critical changes to our DTC proposition means that the H1 performance we is disappointing," said Ije Nwokorie, Chief Executive Officer. "Trading in the key weeks ahead will be crucial to determining our full year outturn."
The company's direct-to-consumer channel lagged wholesale performance in the period. DTC accounted for 54% of group revenue, compared with 46% derived from business-to-business sales.
Geographically, the UK was the weakest market with revenue down 21.3% in constant currency. The United States saw a 5.1% decline. Revenues in DACH and Japan were only marginally lower, falling 2.3% and 2.5% respectively. Despite the top-line pressures, gross margin remained at 65.3% as management maintained cost discipline.
The company noted that October showed signs of improvement after a weak September, with trading for the month broadly tracking the second quarter 's mid-teens percentage decline.
Management said trading across November, December and early January - periods that include Black Friday and the Christmas season - will be pivotal in shaping the company's full-year outcome.
Broker consensus figures compiled as of November 11, 2026 placed full-year revenue at at
The same sell-side consensus put adjusted profit before tax at
Investors will be watching the upcoming trading windows closely, given management 's comments that performance in those weeks will be critical to the full-year result.