Dr Martens - is it recovering? Shares 75.65p, brokers 102p TP

Mark Watson-Mitchell - 27.01.2026

This morning the £731m-capitalised Dr. Martens (LON:DOCS) has reported a Q3 Group revenue decrease of 2.7% on a constant currency basis to £253m, with year-to-date revenue down 0.7% to £580m, primarily due to a disciplined approach to promotions and reduced clearance activity impacting Direct to Consumer revenue, which fell 6.5% in Q3.

However, wholesale revenue showed strength, increasing 9.5% in Q3 and 4.2% year-to-date on a constant currency basis, with good growth across all regions, particularly in the Americas where DTC revenue grew 1%.

The company remains on track for significant year-on-year profit before tax growth in FY26, expecting full-year revenue to be broadly flat on a constant currency basis as it prioritises revenue quality and profitability.

Management Comment

Chief Executive Officer Ije Nwokorie stated that:

"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 FY26.

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.

We remain on track to deliver significant year-on-year growth in PBT.

I am particularly pleased with the performance of our Americas business, with both Retail and Wholesale showing good growth as a result of the actions taken over the past year.

The EMEA market continues to be challenging, with our DTC revenue performance impacted by both the market and our more disciplined promotional stance.

We delivered a good Wholesale performance, with growth broad-based across all three regions."

My View

At the end of last September, this group's shares were trading at 100.87p, since when they have fallen back to 75.65p - at which level those who closely follow the company suggest that they are a Buy.

If that is so, then they are obviously expecting a recovery in the group's fortunes, with the consensus average Target Price of 102p.

(Profile 03.03.25 @ 66p set a Target Price of 82.50p*)