Dr. Martens Plc earnings date
Dr. Martens Plc (3U2) Q2 2027 Earnings Report
DE:3U2 Q2 2027 EPS Results
- Actual EPS
- -EUR 0.01
- Consensus EPS
- -EUR 0.01
- Beat/Miss
- Missed by -EUR 0.01
- One Year Ago EPS
- -EUR 0.01
DE:3U2 Q2 2027 Revenue Results
- Actual Revenue
- EUR 347.50M
- Expected Revenue
- EUR 370.72M
- Beat/Miss
- Missed by -EUR 23.21M
- YoY Revenue Growth
- -9.81%
Earnings Announcement Details
- Quarter
- Q2 2027
- Date
- 11/12/2026
- Time
- Before Open
- Conference Call
- Thursday, November 12, 2026
Dr. Martens Plc's next earnings date is estimated for June 3, 2027, based on past reporting schedules.
Q2 2027 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2027 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2027 Earnings Call Summary
The call presented a mixed outlook. First-half revenue and profitability were weak, with a 9.2% constant-currency revenue decline, losses at the adjusted EBIT and adjusted PBT levels, significant boots pressure, and negative cash generation. However, management highlighted resilient gross margin, cost savings, strong wholesale and selected market performance, progress in shoes and sandals, major brand and platform launches, a healthy balance sheet, and unchanged medium-term objectives. The call was transparent about substantial execution work still required, resulting in a balanced overall tone.
The business remains weighted towards the second half, with trading in the months ahead key to achieving the objective of improving full price mix in the U.K. and DACH; full-price revenue remains and continues to be the bulk of the business. Boots are expected to remain a headwind for the rest of FY 2027, while near-term growth will need to come from newness and other product categories, including the new sandals program in Spring/Summer 2027. Gross margin is expected to remain pretty resilient, with a similar sort of shape to the first half. Medium-term financial objectives remain unchanged: profitable growth above the relevant footwear market, operational leverage that supports a mid-to-high teens EBIT margin, and strong cash conversion.
- Gross Margin Resilience Despite Revenue DeclineReported gross margin was 65.4%. On a comparable basis, H1 FY 2026 gross margin was rebased from 65.3% to 64.6% because of the retail outbound freight reclassification, resulting in an 80 basis point year-on-year improvement. Average selling price contributed approximately 80 basis points, cost of goods contributed approximately 30 basis points through good cost control and lower U.S. tariffs, while channel mix was a headwind of approximately 30 basis points.
- Strong Cost Discipline Limited Profit ImpactOther operating costs provided a GBP 13 million year-on-year benefit, reflecting the full benefits of prior cost action plans, the global technology centre, and the simplified operating model. Management said margin improvement and cost discipline mainly offset the effect of lower volumes.
- Shoes and Sandals Delivered GrowthShoes volume increased from 1.4 million to 1.8 million pairs and grew 1% year-on-year despite a 24% comparator last year. Sandals volume was 0.5 million pairs and grew 5% year-on-year. Revenue per pair increased year-on-year across all product categories, reflecting continued price and mix discipline.
- Resilient Wholesale and Selected Market PerformanceThe D2C-to-B2B revenue mix was 54%-46%, reflecting softer D2C trading and resilience in wholesale. DACH and Japan delivered resilient performances, while South Korea recorded double-digit year-on-year revenue growth. U.S. wholesale shipments that moved from H1 into H2 are expected to occur in the second half.
- Premium and Newer Boot Products OutperformedWithin boots, Crazy Horse boots increased 30%, 1460 Crazy Horse increased 84%, and Made in England boot pairs increased 20%. New product families including Lowell, Chukka, and Buzz also recorded good growth. Higher-price-point products and Made in England continued to outperform across categories.
- With Bouncing Soles Campaign Launched at Global ScaleThe refreshed global brand platform launched on September 22 and supported more than 30 events in 17 cities, described as the company's largest and most coherent global marketing activity. The campaign involved globally recognized talent, local market talent, and wholesale partners. Initial responses showed stronger visibility and engagement in out-of-home and social media, growth in the Crazy Horse range, and an increased proportion of Craft Curators, the company's more loyal, high-spending consumer segment.
- New Global E-Commerce Platform Rolled OutThe new global e-commerce experience began rolling out from August through September. Management described it as faster, smarter, and more premium, bringing brand, product, craft, and culture together while enabling personalization and more relevant local marketing.
- Brand Centre Expansion ProgressedThe first wave of upgraded Brand Centres opened in Paris Le Marais, New York Herald Square, and Munich Sendlinger, with Century City in Los Angeles scheduled to open the following day. Initial consumer response was encouraging, average transaction value was showing significant growth against comparable local stores, and the stores were recording a stronger mix of bags and accessories.
- Sandals Program Received Encouraging Wholesale ResponseThe new Spring/Summer 2027 sandals program was introduced to wholesale partners, and early response was encouraging. Management said the program should help underpin the wholesale order book and provide growth alongside shoes while the boots offering is rebuilt.
- Capital-Light Market Development ContinuedThe company signed Trend Marketing as its new distributor in Canada. In Latin America, a partner opened a second store in Santiago, taking the region to three stores, while e-commerce went live in Argentina and Mexico after Chile launched at the end of the prior financial year.
- Leadership and Operating Model StrengthenedThe company continued embedding its simplified operating model and added leadership capabilities across South Korea, commercial finance, consumer, merchandise, and product design. Management said these appointments provide the leadership capability required to deliver growth, while acknowledging that their impact will take time to come through.
- Balance Sheet Remained Within CovenantsNet bank debt was GBP 158.9 million at the half, broadly flat year-on-year. Net debt to EBITDA was 2.2x, within the banking covenant of three times. Management described the balance sheet as healthy following two years of focus on cash generation and inventory reduction. Average lease term to break was 2.4 years, providing flexibility in managing the store portfolio.
- Inventory Levels Described as ComfortableManagement said inventory levels were comfortable following the last two years of reducing inventory and were at levels expected for the business.
- Interim Dividend DeclaredThe company declared an interim dividend of 0.85 pence, in line with its policy of paying a formulaic one-third of the final dividend as the following year's interim dividend.
- Medium-Term Financial Objectives UnchangedManagement maintained its medium-term objectives of profitable growth above the relevant footwear market, operational leverage supporting a mid-to-high teens EBIT margin, and strong cash conversion. The company said the work across consumer, product, marketplace, and organization is intended to return the business to overall revenue growth.
DE:3U2 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jun 03, 2027 | 2027 (Q4) | 0.06- | 0.05 | ― | ― |
| Nov 12, 2026 | 2027 (Q2) | -0.01-0.01 | -0.01 | -11.11% (-0.00) | |
| May 19, 2026 | 2026 (Q4) | 0.050.05 | 0.04 | 16.67% (+0.01) | |
| Nov 20, 2025 | 2026 (Q2) | -0.01-0.01 | -0.02 | 30.77% (+0.00) | |
| Jun 05, 2025 | 2025 (Q4) | 0.040.04 | 0.06 | -29.41% (-0.02) | |
| Nov 28, 2024 | 2025 (Q2) | -0.03-0.02 | 0.02 | -168.42% (-0.04) | |
| May 30, 2024 | 2024 (Q4) | 0.060.06 | 0.1 | -39.29% (-0.04) | |
| Nov 30, 2023 | 2024 (Q2) | 0.020.02 | 0.05 | -57.78% (-0.03) | |
| Jun 01, 2023 | 2023 (Q4) | 0.120.10 | 0.16 | -36.36% (-0.06) | |
| Nov 24, 2022 | 2023 (Q2) | 0.040.05 | 0.06 | -6.25% (-0.00) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
