Dr Martens has said that its trading since the start of its financial year has been in line with expectations, with analysts stating that this has led to investors breathing a "sigh of relief".

In its AGM trading update, the fashion company said its guidance for the current financial year remains unchanged.

Dr Martens said that "as always", Q1 is its smallest period of its financial year, representing the end of the spring/summer season, with the financial year being “second-half weighted, particularly from a profit perspective”, as mentioned in its 2024 results.

The firm added that its upcoming autumn/winter 24 season remains a key focus, while it continues to target growth in the US in the second half of the year.

Furthermore, it said that its cost action plan is ongoing and aims to provide a detailed update for its first half results in November.

The results come after Dr Martens saw its profit before tax drop by 43% in the year to 31 March, while revenue dropped by 12% globally, and by 24% and 3% in the Americas and EMEA regions respectively.

Investment director at AJ Bell, Russ Mould, said: "Investors breathed a sigh of relief that life is not getting worse for Dr Martens.

"After a string of setbacks in the US, there finally seems to be a sense of stability about the business. While the latest trading update didn’t contain anything spectacular, the most important thing was that it didn’t contain any more bad news.

"Yes, profit is more weighted towards the second-half period but the company had previously communicated that would be the case. Simply maintaining full-year guidance was enough to push the share price higher.

"It may sell big, stompy boots but baby steps are what Dr Martens needs to achieve in its road to recovery."

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