**Summary of Dr. Martens PLC H1 FY26 Results (26 weeks ended 28 September 2025)**
**Financial Highlights**
**Revenue** £322.0 million, up 0.8% on a constant currency (CC) basis, with full-price direct-to-consumer (DTC) revenue growing 6%, reflecting a focus on improving revenue quality.
**Gross Margin** Improved by 130 basis points to 65.3%, driven by full-price performance and cost management.
**Adjusted EBIT** £3.1 million, significantly improved from a £3.0 million loss in H1 FY25, despite a high single-digit £m headwind from tariffs.
**Adjusted PBT** Loss of £9.2 million, compared to a £16.6 million loss in H1 FY25.
**Net Debt** Reduced to £154.3 million (excluding leases), down from £186.8 million in H1 FY25.
**Interim Dividend** 0.85p per share, in line with policy.
**Strategic Progress**
**Consumer-First Strategy** Shifted from a channel-first to a consumer-first approach, with a 33% increase in shoe volumes and successful launches of new products like the Zebzag Laceless boot and 1460 Rain boot.
**Full-Price Focus** Full-price DTC revenue grew 6%, with a 5-point improvement in full-price mix, reducing reliance on clearance sales.
**Product Innovation** Launched new products to drive purchase occasions, including the Zebzag Laceless boot and 1460 Rain boot, expanding into new footwear segments.
**Market Expansion** Strengthened distribution partnerships in Latin America, Italy, UAE, and the Philippines, and deepened relationships with key wholesale customers.
**Operational Efficiency** Progress in simplifying operations through initiatives like the Customer Data Platform, Supply and Demand Planning system, and Global Technology Centre.
**Regional Performance**
**Americas:** Revenue up 6% CCled by strong full-price DTC growth.
**EMEA** Revenue down 3% CC, with subdued DTC performance due to a promotional environment.
**APAC** Revenue up 2% CC, with strength in South Korea and steady performance in Japan.
**Current Trading and Outlook**
Trading in line with expectations, with FY26 adjusted PBT consensus range of £53-60 million (excluding tariff impact).
Tariffs represent a high single-digit £m headwind for FY26, with roughly half expected to be mitigated through cost control and pricing adjustments.
Currency impact of £10m headwind to revenue and £2m benefit to adjusted PBT based on current spot rates.
**Management Commentary**
CEO Ije Nwokorie emphasized progress in executing the new strategy, with green shoots across growth levers, despite a volatile market. The focus remains on execution and setting the business up for long-term growth.
**Key Metrics**
Pairs sold: 4.7 millionup 1.4%.
Stores: 244up from 238.
DTC mix: 55.7%slightly down from 56.4%.
**Conclusion**
Dr. Martens PLC is making steady progress in its strategic transformation, with improved financial performance and operational efficiency. Despite market challenges, the company remains confident in its plans for the year and beyond, focusing on sustainable, profitable growth.