Profit before tax at Dr Martens has fallen by 43% in the year to 31 March to £97.2m, as a result of the decline in its EBITDA.

The shoe brand has also seen its revenue drop by 12% in the same period to £877.1m, with drops of 24% and 3% in the Americas and EMEA regions, respectively.

Dr Martens said the revenue decline in these regions was driven by wholesale, with a planned strategic decision to reduce volumes in EMEA retailers.

Net debt also increased to £357.5m as a result of returns to shareholders, lower profits and increased lease liabilities.

In this time, Dr Martens opened 35 new stores globally, primarily located in continental Europe and the APAC region.

Chief executive officer at Dr Martens, Kenny Wilson, said: "Our FY24 results were as expected and reflect continued weak USA consumer demand. This particularly impacted our USA wholesale business and offset our Group DTC performance, where pairs grew by 7%.

"We have achieved robust performances in EMEA and APAC, and our supply chain strategy continues to deliver good savings. We are clear that we need to drive demand in the USA to return to growth in FY26 onwards and are executing a detailed plan to achieve this, with refocused and increased USA marketing investment in the year ahead.”

Looking forward, the firm has announced it is looking to save between £20m-25m as part of a cost action plan, which will be led by its new chief financial officer, Giles Wilson.

It said that it expects to see this savings benefit in the 2026 financial year, with the 2025 financial year benefit likely to be immaterial due to the costs of implementation.

Investment analyst at AJ Bell, Dan Coatsworth, added: "A month is a long time in the chaotic world of Dr Martens so the fact it only updated on trading in April wouldn’t have ruled out the company shocking the market again with its full-year results today. After all, the problems in the US looked to have gone from bad to worse in the past year.

"It’s therefore reassuring to see from the results that the situation hasn’t deteriorated, hence the relief rally in the share price. The company has already thrown everything it can into the kitchen sink and laid bare its gloomy expectations for the year. It’s fair to say that investors weren’t expecting much from Dr Martens in the near-term. To now chuck a £20m to £25m cost savings target into the mix feels like the boot maker kept a bit of good news up its sleeve for the results.

"What’s certain is that Dr Martens looks like a ripe takeover target. One of the classic scenarios for takeovers is when a company is down on its knees, it’s going through a leadership transition and there is a major shareholder who has been hanging around for longer than expected. That’s Dr Martens all over."

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