Dr Martens Plc (DOCMF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to our FY25 results presentation. I'm joined today by Giles Wilson, our CFO. I'll do a short introduction before handing over to Giles to run through our FY25 financial results, and then I'll return with some closing comments. FY25 was a year of stabilization. At the start of the year, we laid out four key objectives, and I'm pleased to say that we delivered against all of these. We turned around our America's DTC performance with America's DTC back to growth in H2. We pivoted our marketing to relentlessly focus on product with great initial results. You heard me talk about these back in November. We have reduced our operating cost base, taking 25 million of annualized savings out of the business. And really importantly, our balance sheet is significantly strengthened with inventory and net debt both down significantly ahead of guidance. Over to Giles to talk you through the year's financial performance. Thank you, EJ, and good morning, everyone. Continuing on from the four points EJ just set out, FY25 has been about stabilising our financials and delivering against our core objectives. Firstly, my focus this year has been about strengthening our balance sheet. We've started with securing the refinance as announced at our half year. At the beginning of the year, we committed to reduce inventory by £40 million and we have beaten this with our closing inventory, in fact £67 million lower, a key driver of the £95 million overall reduction in net debt. Secondly, we reset our cost base through the Cost Action Plan, delivering £25 million of cost savings with the full benefit being seen in FY26. There was some benefit in FY25. The cost action plan helped reset the business's overall approach to cost, and we have embedded into the culture a strong cost dis...