The Dr. Martens Plc Board approves and the Company declares an interim dividend of 0.85p, being one-third of the FY26 total dividend of 2.55p. This will be paid to shareholders on the register as at 5 March 2027 with payment on 7 April 2027.
Other Financial Highlights:
- Group revenue of £290.4m, down 9.2% CC, with a weaker performance in Q2 than Q1. Performance was impacted by the hot summer and continued boots decline, particularly in our European markets. The DTC:B2B revenue mix during the half was 54%:46%, with B2B performance stronger than DTC, as expected.
- US revenue was down 5.1% CC, with B2B outperforming DTC. B2B revenues were impacted by shipment timing differences year-on-year.
- UK revenue was down 21.3% CC, below our plans, impacted by the continued challenging market backdrop and a weak performance in both DTC and boots.
- DACH and Japan were broadly flat year-on-year (down 2.3% CC and 2.5% CC respectively), with strong performances in B2B in DACH and in ecommerce in Japan.
- Other managed markets (down 12.9% CC) saw strength in South Korea and China although this was more than offset by weakness in France, Italy and Spain where consumer confidence and hot weather was particularly challenging.
- Partner markets revenue was up 1.9% with a strong performance in our new distributors partially offset by weakness in our Australian distributor.
- Continued good performance in gross margin which was steady year-on-year at 65.3%, with good COGS control and ASP performance offsetting the impact of channel mix. From FY27, retail outbound freight costs are presented within cost of sales, having previously been reported within opex, with the prior year not restated. Excluding this change, gross margin would have been 66.1%, up 0.8pts year-on-year.
- Continued operating cost control, with other operating costs down 8.6% CC year-on-year, or £13.0m (adjusted for retail freight costs reclassification). Marketing costs increased by £3.0m CC as they prepared for the launch of our new brand platform ‘With Bouncing Soles’. Marketing activity in the half was significantly lower year-on-year.
- Adjusted PBT loss of £13.1m CC, versus £9.4m loss H1 FY26.
- Reported PBT loss of £8.5m, versus £11.0m loss H1 FY26.
- Net bank debt (excluding leases) of £158.9m, broadly in line with H1 FY26 (£154.3m).
