Dr Martens has warned that its full-year results will be hit by US import tariffs and that it may raise prices in the US to offset the hit.

The bootmaker revealed it would manage around half of its tariff-related costs in its full financial year to March 2026, which it said is expected to be in the “high-single-digit millions” of pounds.

The company made the announcement in its latest H1 results which revealed a slight dip in group revenue to £322m for the 26-week period to 28 September.

However, Dr Martens said it remains on track with full-year forecasts for between £53m to £60m in underlying pre-tax profit, although this figure did not include the tariff impact.

Despite assuring that the company would fully mitigate the tariff costs fully from the 2027 financial year, Dr Martens still saw its share price slip by 11% in today’s trading.

“While the marketplace remains uncertain and consumers are cautious, and our biggest trading weeks are ahead, we are confident in our plans for the year,” CEO, Ije Nwokorie, commented. “I am laser-focused on execution and setting the business up for growth in the coming years.”

“Our continued focus on cost management is delivering a meaningful improvement in our financial performance including a continued reduction in net bank debt,” Nwokorie added.

Investment director at AJ Bell, Russ Mould, commented that Dr Martens was taking “baby steps” to put its business on a profitable path.

“Its turnaround efforts are underway, but this could be a slow recovery rather than a giant leap back to normality,” Mould said.

“There are some glimmers of hope in its half-year results, with more products being sold at full price rather than discounted, losses narrowed, and a much stronger showing from the Americas which has previously been a problematic region.

“Unfortunately, the market is not blown away by the figures, and a falling share price in early trading indicates investor disappointment.”

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