Dr. Martens PLC said on Tuesday that third-quarter group revenue fell 2.7% at constant currency, a decline the iconic boot maker is accepting as part of a wider repositioning toward higher-quality sales.
The company recorded Q3 group revenue of £253 million. Year-to-date revenue at constant currency stood at £580 million, down 0.7% from the comparable period.
Management pointed to a mixed performance across channels. Full-price direct-to-consumer (DTC) sales have increased 2% year-to-date, with particularly strong momentum in the Americas, the company said. At the same time, the firm reported a 6.5% decline in DTC revenue in Q3 as it tightened promotional activity and reduced clearance volumes in line with its strategy.
Wholesale revenue, by contrast, rose 9.5% at constant currency in the third quarter, evidence of a channel-level rebalancing the company is pursuing.
Regional results varied. The Americas region produced 2% revenue growth in Q3, with a 1% increase in DTC and a 6% rise in wholesale. EMEA revenue declined 6% amid what Dr. Martens described as challenging consumer conditions, and APAC recorded a 3% revenue decrease.
Chief Executive Officer Ije Nwokorie characterized the current year as one of strategic transition. "This is a year of pivot, as we make the necessary changes to our business to set us up for future sustainable growth," he said. "We have continued to improve the quality of our revenue through a disciplined approach to promotions."
The company said it remains on track with several FY26 strategic objectives. Those include reducing reliance on discounted pairs in Americas wholesale, growing product families such as Buzz and Zebzag, entering new markets via capital-light structures, and simplifying its operating model.
Dr. Martens maintained its full-year guidance, expecting broadly flat revenue on a constant currency basis for fiscal 2026. Management additionally said it is comfortable with market expectations for FY26 profit before tax (PBT), which the company said will result in significant year-on-year PBT growth.
The group updated its currency guidance, now forecasting a £15 million headwind to group revenue based on current spot rates, versus a prior estimate of a £10 million headwind. The company expects the currency movement to have a broadly neutral effect on adjusted profit before tax.
Overall, the results present a deliberate shift in emphasis toward higher-quality, full-price sales even as total revenue experiences a modest decline. Management framed the adjustments as preparatory work intended to support sustainable growth in future periods.