Dr. Martens plc has reported a decline in third-quarter revenue but said it remains on track to deliver significant year-on-year profit growth in FY26, as it continues its shift towards a more disciplined, consumer-first strategy.

In the 13 weeks to 28 December 2025, group revenue fell 2.7% year-on-year on a constant currency basis to £253m, with year-to-date revenue down 0.7% to £580m. The performance reflects a challenging consumer backdrop alongside a deliberate reduction in clearance activity and promotions across direct-to-consumer (DTC) channels, particularly online.

Wholesale remained a bright spot during the quarter, with revenue up 9.5% on a constant currency basis, while DTC revenue declined 6.5%, as the group prioritised full-price sales over volume. Full-price DTC revenues were up 2% year-to-date, supported by a strong performance in the Americas.

The Americas region delivered 2% revenue growth in Q3, with retail and wholesale both performing well, driving 4.5% growth year-to-date. In contrast, EMEA remained challenging, with revenue down 6% in the quarter, as a tougher consumer environment in the UK and Germany combined with a shift towards wholesale partners during the promotional period. APAC revenue declined 3%, despite continued strong growth in South Korea and improving full-price DTC performance.

The group also extended its capital-light expansion strategy during the quarter, broadening its Latin American distribution agreement to include Colombia, Costa Rica, Peru and Uruguay.

Commenting on the results, Ije Nwokorie, Chief Executive Officer, said: “This is a year of pivot, as we make the necessary changes to our business to set us up for future sustainable growth. We have continued to improve the quality of our revenue through a disciplined approach to promotions, and while this represents a headwind to overall revenue, we remain on track to deliver significant year-on-year growth in PBT.”

Looking ahead, Dr. Martens expects FY26 revenue to be broadly flat on a constant currency basis, as it focuses on profitability and revenue quality. The group said it remains comfortable with current market expectations for FY26 profit before tax, despite an increased foreign exchange headwind to revenue.

“Our people and partners work incredibly hard for our brand and I would like to thank each and every one of them for their passion and commitment,” added Nwokorie.