Adjusted profit before tax fell to £34.1 million (~$46.4 million) from £97.2 million (~$132.2 million), while reported profit sank to £8.8 million (~$12 million).
Despite the decline, the company delivered on all four of its fiscal 2025 (FY25) objectives, including returning the Americas direct-to-consumer channel to growth in H2, refocusing its marketing on products, achieving £25 million (~$34 million) in cost savings, and strengthening its balance sheet ahead of schedule. Net debt fell sharply to £94.1 million (~$127.9 million) excluding leases, the company said in a financial release.
"Our single focus in FY25 was to bring stability back to Dr. Martens. We have achieved this by returning our direct-to-consumer channel in the Americas back to growth, resetting our marketing approach to focus relentlessly on our products, delivering cost savings, and significantly strengthening our balance sheet,” said Ije Nwokorie, chief executive officer.
Dr. Martens also unveiled its updated strategy, Levers For Growth, focused on four pillars: engaging more consumers, increasing purchase occasions, refining distribution, and simplifying operations.
A final dividend of 1.70p has been proposed, bringing the full-year payout to 2.55p.
“We are today sharing our Levers For Growth, which will increase our opportunities by shifting the business from a channel-first to a consumer-first mindset. We will give more people more reasons to buy more of our products, whether that's our iconic boots and shoes, newer product families such as Zebzag and Buzz, or adjacent categories such as sandals, bags and leather goods. And we will tailor distribution to each market, blending DTC and B2B, optimising brand reach and ensuring a better use of capital,” Ije added.
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