Dr Martens PLC (LSE:DOCS) reported a 10% drop in group revenue to £787.6 million for the year ended 30 March 2025, amidst a marketing 'reset'.
Adjusted profit before tax fell to £34.1 million from £97.2 million, the boot brand said in the results statement.
It highlighted £25 million in annualised cost savings and reported a return to growth in its Americas direct-to-consumer (DTC) business in the second half. And, net debt fell to £249.5 million.
With growth seen in Dr Marten's DTC channels in the United States, it now expects a return to profit in the 2026 financial year.
"Our single focus in FY25 was to bring stability back to Dr. Martens. We have achieved this by returning our direct-to-consumer channel in the Americas back to growth, resetting our marketing approach to focus relentlessly on our products, delivering cost savings, and significantly strengthening our balance sheet," said CEO Ije Nwokorie.
"I am laser-focused on day-to-day execution, managing costs and maintaining our operational discipline while we navigate the current macroeconomic uncertainties.
He added: "Looking ahead, there are significant markets for us to grow into, and we currently own just 0.7% of a total relevant market of £179bn."