Dr. Martens Speeds Up Readjustment with 3.1% Sales Drop in Third Quarter

Dr Martens continues its adjustment. The British footwear company closes the third quarter of the fiscal year accelerating the adjustment of its sales, with a decline of 3.1%, as reported by the company. By markets, the biggest drop occurred in Asia.

The group, which is going through an unstable period after years of growth, ended the third quarter of the current financial year (period ending December 28th) with a turnover of 251 million pounds ($343 million). The 3.1% drop in the third quarter accentuates the decline of the previous quarters, which stood at 2.3% in the first quarter and stagnated in the second.

The company, which accumulated sales of 573 million pounds ($783,3 million) in the first nine months (down 1.8%), suffered particularly in direct sales channels, posting a 7% decline in retail and ecommerce in the third quarter. In wholesale, on the other hand, Dr Martens sales in the period rose by 9.3%. The company notes that direct channels have been “affected by both the market and our more disciplined approach to promotions.“

Dr Martens posted 9.3% growth in the third quarter in the wholesale channel

By markets, the biggest decline was in Asia, with a 7.4% drop in sales in the third quarter. In Europe, on the other hand, the company’s turnover shrank by 3% and in the Americas by 1.6%.

“This is a pivotal year as we are making the necessary changes to our business to prepare for sustainable growth in the future,“ said Ije Nwokorie, CEO of Dr Martens. “I remain focused on executing our new strategy and we will deliver on all four of our strategic objectives by fiscal 2026,“ he added.

Although it did not provide data regarding its margin performance, the company maintains that it remains focused on improving the “quality” of revenue “through a disciplined approach to promotions, which is a drag on overall revenue, especially in e-commerce.“

One of Dr Martens’ goals for 2026 is to extend its geographic footprint with partners to reduce investment. In the third quarter, the company expanded its distribution agreement with Crosby in Latin America to also include Colombia, Costa Rica, Peru and Paraguay.