Iconic Northamptonshire shoe brand Dr. Martens has seen a mixed performance around the world in its third quarter whilst making “good progress” in “turning around” its USA performance.
According to a trading statement for the Christmas period, covering the 13 weeks ended 29 December 2024, third quarter group revenue was up 3% (at constant currency) to £267m, with direct to consumer (DTC) revenue up 1% CC.
By channel, the DTC performance was the result of ecommerce revenue growing by 2% CC and retail revenue declining by 1% CC. Wholesale revenue, meanwhile, grew by 9% CC, against a weak comparative. The wholesale performance by region was in line with expectations, with EMEA and APAC up year-on-year and Americas wholesale down single-digit CC.
One of Dr. Martens’ key objectives this year is to return Americas DTC revenue to positive growth in the second half. The business is on track, with Americas DTC revenue up 4% CC.
EMEA DTC revenue, however, declined by 5% CC year-on-year, which the firm said was “impacted by the deep promotional nature of several markets, especially in December, when we maintained our discipline and only participated in promotional activity in line with our discounting strategy.“
APAC DTC was up 17% CC driven by ecommerce. The company’s largest market in the region, Japan, continued to deliver good growth.
Year to date group revenue, conversely, declined 9% to £599m CC.
Ije Nwokorie, Chief Executive Officer, said: “I am excited to be CEO of Dr. Martens. The global relevance of our iconic brand, the strength of our product line and the passionate commitment of our team give me great confidence for FY25 and beyond.
“Our Q3 trading was as expected and our outlook for FY25 remains unchanged. We have made good progress against our objective of turning around our USA performance, with USA DTC in positive growth in Q3.
“We continue to actively manage our costs and are on track to meet our inventory reduction target for FY25. The team and I are squarely focused on returning the business to sustainable and profitable growth.”
