Dr Martens has held its annual guidance steady, signalling that the worst of the US wholesale correction may be behind the British footwear brand. Shares rose modestly on the news, a vote of confidence from investors who have watched the company navigate a tumultuous two years in North America.
The reaffirmed outlook does not mean the coast is clear. Currency headwinds and the lingering overhang of the US inventory cycle remain risks. But for a brand that has been written off multiple times in its 65-year history, the capacity to stabilise after a shock is itself a kind of proof.
Direct-to-consumer remains the company’s long-term profit engine. DTC gross margins run roughly 20 points higher than wholesale, and Dr Martens has been investing in its owned channels: a rebuilt loyalty programme, expanded e-commerce personalisation, and a steady cadence of limited-edition drops that drive traffic to its site.
The US market accounts for roughly 40 percent of Dr Martens’ revenue, making it the brand’s single most important territory. A post-pandemic over-ordering binge by American retailers led to an inventory glut that forced the company to reduce wholesale shipments throughout 2025 and into early 2026.
Chief executive Kenny Wilson has been direct about the path forward: fewer doors, better partners, higher full-price sell-through. Dr Martens has cut its North American wholesale accounts by roughly a third, focusing its inventory on accounts that align with the brand’s core — independent boutiques, specialty footwear retailers, and a curated set of department store partners.
