Footwear brand Dr Martens swung to losses in the fiscal first half as its sales saw a double-digit decline.
The company posted a loss before interest and taxes of £4.3 million ($5.4 million) for the 26 weeks ended September 29, compared with earnings of £39.7 million in the year-ago period.
Revenue fell 18 per cent to £324.6 million (down 16 per cent in constant currency), which management said was in line with guidance.
By region, Americas revenue fell 22 per cent, EMEA revenue was down 16 per cent, and Apac revenue decreased 12 per cent.
Despite the declines, the company managed to reduce its debt by 27 per cent to £348.7 million.
“We took swift action to implement cost savings and now anticipate the benefit of this in FY26 to be at the top of the previous guidance range of £20-£25m, alongside an ongoing focus on tight cost control throughout the business,” said CEO Kenny Wilson.
The company added its trading since the start of this year’s autumn and winter has been “encouraging”, with all regions recording positive results.
“The early success of our new product ranges provides a strong foundation as we enter the important peak trading period and as I prepare to hand over the reins to Ije in the new year,” Wilson said.
The company’s guidance remains unchanged, with positive DTC growth expected in the US in the second half and net debt decreasing to £310-330 million.
In a separate regulatory filing, Dr Martens said its incoming CEO Ije Nwokorie will take the helm from January 6. Wilson will step down from the board but will act as an advisor until March 31 to ensure a smooth transition.
