Dr Martens PLC (LSE:DOCS) shares stumbled to a new all-time low below 45p in April after the US tariff announcement, but have been striding higher in the run-up to final results due on Thursday, 5 June, the first big test for new chief executive Ije Nwokorie.
Back in January, the boot-maker flagged "good progress" in its turnaround after revenue ticked up 3% on a constant currency basis during the third quarter, aided by stronger American and Asia Pacific sales, offsetting a decline in Europe due to strong promotional activity from rivals in December.
It was "on track" to meet a key objective of returning to positive direct-to-consumer growth across the region over the second half of the year as a result.
As well as final results, a strategy update has also been promised from the footwear group, with investors hoping to see further signs that turnaround efforts are starting to gain traction.
Recent months have seen the focus on stabilising the business over recent months, with emphasis on reducing inventories, cutting debt, and preserving cash. Investors will be watching for evidence that these efforts are translating into improved trading performance, particularly in the critical US market.
Thursday's interims should "deliver more evidence that it is pulling itself up by its bootstraps and the turnaround is lacing together", punned analyst Susannah Streeter at Hargreaves Lansdown.
The latest update will be the first full set of results for new Nwokorie, who stepped up in January from his former brand director role and oversaw a trading update.
Streeter noted that while the US remains challenging, the company saw positive signs in the key autumn/winter season, with new styles benefiting from increased marketing spend.
“It’s hoped that the Docs will also take a step forward with the appointment of a new chief brand officer, Carla Murphy, a former Adidas global executive who also has experience at VF Corporation,” she added.
Dr Martens shares have been under pressure over the past 18 months amid weakening demand and operational challenges, particularly in North America. The update will offer insight into whether recent leadership changes and brand investment are beginning to deliver results.