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Dr. Martens (DOCS) investor relations material
Dr. Martens H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary20 Nov, 2025
Executive summary
Strategic shift to a consumer-first approach, focusing on full-price sales, reduced markdowns, and expanding product and market reach, with strong brand momentum and early results from new growth levers.
Progressing on FY26 objectives with cost control, execution, and a focus on becoming the most desired premium footwear brand.
Only 0.7% share in top 15 markets, indicating significant headroom for growth.
Launched new product families (Buzz, Zebzag, Lowell, 1460 Rain Boot) and expanded distribution partnerships in LATAM, UAE, and Asia.
Technology investments include a new customer data platform, supply-demand system, and a Global Technology Centre in India.
Financial highlights
Group revenue was £322.0m, down 0.8% reported but up 0.8% at constant currency; DTC revenue flat at CC, wholesale up 2% CC.
Gross margin improved to 65.3% (up 1.3pts YoY), driven by higher full-price mix and cost control.
Adjusted EBIT returned to positive at £3.1m (vs. £-3.0m prior year); EBITDA increased 47.1% to £35.9m.
Net bank debt reduced by £33m year-over-year to £154.3m; total debt including leases down £46m to £302m.
Interim dividend maintained at 0.85p per share, formulaic at one-third of prior year full dividend.
Outlook and guidance
Trading in line with expectations; FY26 adjusted PBT consensus range is £53m–£60m, excluding tariff impacts.
FY26 guidance: 20–25 new store openings, capex around £20m, net debt c.£200m including leases, inventory flat year-over-year.
Tariffs expected to be a high single-digit £m headwind in FY26, with about half mitigated; full mitigation by FY27 and beyond.
Currency expected to be a £10m headwind to revenue and £2m benefit to adjusted PBT.
Wholesale order books for SS26 are healthy, especially in Americas.
How will the product portfolio evolve
Assess capital-light market expansion strategy
Detail FY27+ tariff mitigation strategies
Detail FY27+ tariff mitigation actions
Elaborate on EMEA consumer 'flight to quality'
How does SKU reduction align with new product growth?
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Next Dr. Martens earnings date
H2 20264 Jun, 2026
Next Dr. Martens earnings date
H2 20264 Jun, 2026
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Frequently asked questions
Dr. Martens Plc designs, manufactures, and sells footwear, primarily known for its iconic boots. The company markets its products through owned stores, third-party retailers, and e-commerce platforms in multiple international markets. It targets both fashion-conscious and utilitarian consumers. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.
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