Dr Martens sales slip after pulling back from discounts

Dr Martens has revealed a drop in sales over the past quarter as it scales back discounts and clearance activity.

The British bootmaker saw shares dip in early trading as it said revenues were set to be broadly flat for the current year as a result.

The brand is in the midst of a major turnaround as it seeks to return to sustainable profit.

On Tuesday, the group said it has made “good progress” in its strategy and is on track to improve profits this year.

However, the company reported that group revenues fell by 3.1% to £253 million in the 13 weeks to December 28, compared with a year earlier.

The drop was driven by a 7% fall in direct-to-consumer sales as it reduced discounting on its own platform over the Christmas period.

Meanwhile, wholesale revenues jumped 9.3% in the quarter, with a particular shift towards wholesale in the UK and Germany.

The fashion brand told shareholders that it expects revenues, on a constant current basis, to be “broadly flat” this year as it focuses on profitability over revenue growth.

It said it is “comfortable” with meeting its profit targets for the current financial year, pointing to “significant” pre-tax profit growth.

Dr Martens also reported that it expects a £15 million impact from currency rates, increasing its previous guidance of £10 million.

Ije Nwokorie, chief executive of the business, said: “This is a year of pivot, as we make the necessary changes to our business to set us up for future sustainable growth.

“I remain laser focused on executing our new strategy and we will deliver all four of our strategic objectives for full-year 2026.

“We have continued to improve the quality of our revenue through a disciplined approach to promotions and this represents a headwind to overall revenue, particularly in ecommerce.”