Dr Martens Plc (DOCMF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.858 Hello and welcome to our FY25 results presentation. 00:00:03.858 -- 00:00:08.062 I'm joined today by Giles Wilson, our CFO. 00:00:08.105 -- 00:00:12.834 I'll do a short introduction before handing over to Giles to run through our FY25 financial 00:00:12.834 -- 00:00:17.767 results, and then I'll return with some closing comments. 00:00:17.767 -- 00:00:20.931 FY25 was a year of stabilization. 00:00:20.931 -- 00:00:25.316 At the start of the year, we laid out four key objectives, and I'm pleased to say that 00:00:25.316 -- 00:00:30.322 we delivered against all of these. We turned around our America's DTC 00:00:30.322 -- 00:00:35.288 performance with America's DTC back to growth in H2. 00:00:35.288 -- 00:00:40.414 We pivoted our marketing to relentlessly focus on product with great initial results. 00:00:40.414 -- 00:00:43.315 You heard me talk about these back in November. 00:00:43.315 -- 00:00:48.262 We have reduced our operating cost base, taking 25 million of annualized savings out 00:00:48.262 -- 00:00:49.944 of the business. 00:00:49.944 -- 00:00:55.231 And really importantly, our balance sheet is significantly strengthened with inventory 00:00:55.231 -- 00:00:59.617 and net debt both down significantly ahead of guidance. 00:00:59.617 -- 00:01:04.704 Over to Giles to talk you through the year's financial performance. 00:01:04.704 -- 00:01:07.852 Thank you, EJ, and good morning, everyone. 00:01:07.852 -- 00:01:12.999 Continuing on from the four points EJ just set out, FY25 has 00:01:12.999 -- 00:01:18.787 been about stabilising our financials and delivering against our core objectives. 00:01:18.787 -- 00:01:23.193 Firstly, my focus this year has been about strengthening our balance sheet. 00:01:23.193 -- 00:01:28.203 We've starte...