Dr Martens said today that the autumn-winter festive season had got off to an encouraging start and investors welcomed a reduction in net debt as the bootmaker tries to turn its performance around.
Its shares, which have lost about a quarter of their value this year, jumped 13% despite the company reporting a pretax loss for its first half, as the market focused on lower inventory, cost savings and better current trading.
Dr Martens, whose $170 chunky lace-up boots known as "Docs" were originally made for workers before becoming a fashion statement in the 1960s, has faced weaker demand and is betting on the Christmas shopping season to boost its sales and profit.
"We're seeing really good sales of new products in the US," CEO Kenny Wilson said in an interview. "The big weeks are really ahead of us but we're quite encouraged by what we're seeing at the moment."
Chelsea boots with faux-fur lining have been selling well, alongside new products like the Anistone biker boots, Wilson said, adding that core products like the brand's 1460 boot in a new softer leather have also done well.
The period between US Thanksgiving and Christmas is the most important of the year for Dr Martens, whose biggest market is the US. The October-December period accounts for 40% of Dr Martens' annual sales, Wilson said.
Dr Martens expects to make cost savings of about £25m in its fiscal year to the end of March 2026 with two-thirds of that coming from around 140 job cuts.
Dr Martens' net debt fell by 27% by September 29 from a year earlier and inventory was down by £69.1m as the company reduced its purchases of new boots.
The company reported a pretax loss of £28.7m for the six months ended September 29, compared with a profit of £25.8m a year earlier. Revenue dropped 18% to £325m.
Dr Martens maintained its 2025 outlook of a single-digit percentage year-on-year revenue drop.
"While peak trading is still to come, we view these results as the first step in restoring confidence in the long term story," Investec analyst Kate Calvert said.
Wilson, who announced in April that he would step down, will be replaced by Ije Nwokorie, currently chief brand officer, on January 6.
