Final Results

About this update from Dr. Martens Plc

[{"type":"text","content":"\n \n \n 5 June 2025 \n Dr. Martens plc \n Preliminary results for the 52 weeks ended 30 March 2025 \n   \n   \n  Strong delivery against our FY25 objectives; guiding to a return to profit growth in FY26 \n   \n Sharing today our strategic update, Levers For Growth, with the ambition of establishing Dr. Martens as the world's most-desired premium footwear brand \n   \n \"Our single focus in FY25 was to bring stability back to Dr. Martens. We have achieved this by returning our direct-to-consumer channel in the Americas back to growth, resetting our marketing approach to focus relentlessly on our products, delivering cost savings, and significantly strengthening our balance sheet. \n   \n We are today sharing our Levers For Growth, which will increase our opportunities by shifting the business from a channel-first to a consumer-first mindset. We will give more people more reasons to buy more of our products, whether that's our iconic boots and shoes, newer product families such as Zebzag and Buzz, or adjacent categories such as sandals, bags and leather goods. And we will tailor distribution to each market, blending DTC and B2B, optimising brand reach and ensuring a better use of capital. \n I am laser-focused on day-to-day execution, managing costs and maintaining our operational discipline while we navigate the current macroeconomic uncertainties. Looking ahead, there are significant markets for us to grow into, and we currently own just 0.7% of a total relevant market of £179bn. This, combined with the enduring demand for our products, the robustness of our operations, the strength of our cashflow generation and balance sheet and the expertise of our people, gives me confidence that we will deliver the sustainable, profitable growth that this brand is capable of.\" \n Ije Nwokorie, Chief Executive Officer \n   \n FY25 RESULTS HEADLINES \n ·      Delivered on all four objectives set at the start of the year: \n 1.     Americas direct-to-consumer channel (\"DTC\") back into growth in H2   \n 2.     Marketing approach reset to relentlessly focus on product \n 3.     £25m of annualised cost savings delivered - the top end of guidance  \n 4.     Balance sheet significantly strengthened ahead of target \n ·      Group revenue of £787.6m, down 8% CC and 10% reported, in line with guidance (FY24: £877.1m) against a challenging macroeconomic and consumer backdrop in several of our core markets \n ·      Adjusted PBT of £34.1m or £40.3m CC (FY24: £97.2m) \n ·      Reported PBT (post exceptionals and adjusting items) of £8.8m (FY24: £93.0m) \n ·      Strong cash generation, driven by inventory reduction, leading to significant decrease in net debt to £94.1m excluding lease liabilities (FY24: £177.5m), or £249.5m including leases (FY24: £359.8m) \n ·      Refinance completed successfully, securing a new £250.0m term loan together with a £126.5m RCF \n ·      Final dividend of 1.70p proposed, taking the total dividend to 2.55p, as previously guided \n   \n   \n STRATEGY UPDATE HEADLINES: \n Today we are sharing our strategic update, Levers For Growth. This builds on the work undertaken in FY25 to stabilise the business: transitioning to the new leadership team, introducing the necessary financial disciplines, and delivering on the four objectives detailed above. \n ·      Our four Levers For Growth are: \n 1.     Engaging more consumers \n 2.     Driving more product purchase occasions \n 3.     Curating market-right distribution \n 4.     Simplifying the operating model \n ·      Our strategy capitalises on the strengths of our business, including our iconic global brand, high quality products, world-class supply chain, modern technology systems, committed wholesale and distributor partners and our passionate and talented team, and taps into the significant new markets and profit pools that are available to us. \n ·      Over the medium-term, we expect to deliver sustainable, profitable revenue growth above the rate of the relevant footwear market, with operating leverage driving a mid to high-teens EBIT margin and underpinned by strong cash generation. \n   \n \n Enquiries \n Investors and analysts                                                                           \n Bethany Barnes, Director of Investor Relations                                                     [email protected] \n                                                                                                                                                         +44 7825 187465 \n Beth Fionda, Investor Relations Manager                                                                             [email protected]                 \n                                                                                                                                                               \n Press                                                                                                                                      \n Sodali & Co \n Rob Greening \n Ludo Baynham-Herd                                                                                                               [email protected] \n                                                                                                                                                 +44 207 250 1446 \n \n   \n Presentation of full year results \n A video presentation from Ije Nwokorie, CEO and Giles Wilson, CFO on the FY25 results will be available to view from 07:00 (UK time) on 5 June 2025. This will be followed by a live strategy update presentation with Q&A for analysts and investors at 10:30 (UK time). Both the pre-recorded results presentation and the live strategy update can be viewed on the Dr. Martens plc website https://www.drmartensplc.com , with a playback and transcripts available soon afterwards. \n   \n About Dr. Martens \n Founded in 1960, Dr. Martens is an iconic British brand with a global presence. \"Docs\" or \"DMs\" were originally produced for their durability for workers, before being adopted by diverse youth subcultures and associated musical movements. Today, Dr. Martens has transcended its roots while still celebrating its proud history. It operates in over 60 countries and employs over 3,650 people worldwide. Its operations are split across both Direct-to-Consumer and wholesale channels, and in addition to its world-renowned \"1460\" boot its product segments span shoes including the 1461 shoe and Adrian loafer, sandals including the Zebzag mule, Kids ranges, as well as a growing line of bags and accessories. Further information can be found at https://www.drmartensplc.com/ \n   \n   \n Cautionary statement relating to forward-looking statements \n Announcements, presentations to investors, or other documents or reports filed with or furnished to the London Stock Exchange (LSE) and any other written information released, or oral statements made, to the public in the future by or on behalf of Dr. Martens plc and its group companies (\"the Group\"), may contain forward-looking statements. \n Forward-looking statements give the Group's current expectations or forecasts of future events. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as 'aim', 'ambition', 'anticipate', 'estimate', 'expect', 'intend', 'will', 'project', 'plan', 'believe', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated products, expenses, the outcome of contingencies such as legal proceedings, dividend payments and financial results. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation, the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority), the Group undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The reader should, however, consult any additional disclosures that the Group may make in any documents which it publishes and/or files with the LSE. All readers, wherever located, should take note of these disclosures. Accordingly, no assurance can be given that any particular expectation will be met and investors are cautioned not to place undue reliance on the forward-looking statements. \n Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate to factors that are beyond the Group's control or precise estimate. The Group cautions investors that a number of important factors, including those referred to in this document, could cause actual results to differ materially from those expressed or implied in any forward-looking statement. Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made and are based upon the knowledge and information available to the Directors on the date of this report. \n \n \n   \n SHARING OUR STRATEGIC UPDATE: LEVERS FOR GROWTH \n The context \n Our previous strategy, 'DOCS', delivered strong historic growth in revenues and raised brand awareness across new and existing markets, led-by DTC expansion, taking advantage of a growing boots category driven by a style conscious consumer.  As consumer trends evolved into other footwear categories, however, our narrow focus on boots failed to take full advantage of our strong shoes, sandals and leather goods offering - and our focus on a DTC-first approach led to a loss of coverage and responsiveness in our wholesale offering, restricting growth and reducing consumer touch points.  This resulted in reduced customer acquisition, elevated inventory levels, increased use of clearance channels, particularly in the USA and a significant increase in capital intensity and operating cost base. \n The business today has many strengths: \n ·      We are a high quality, iconic brand that is desired by consumers of all ages, backgrounds and demographics, and is uniquely relevant across both footwear (boots, shoes and sandals) and adjacent categories, such as bags and leather goods. \n ·      We have a strong operational base, with a world-class supply chain and modern technology systems following a decade of investment. \n ·      We generate a high gross margin and strong cashflow underpinned by a strong balance sheet. \n ·      We have a world-class team with multi-sector experience and a mix of long tenures and new perspectives. \n We have a significant untapped market opportunity, with our current retail sales value of c.£1.3bn representing just 0.7% of the total relevant market for our 15 largest markets 1 . Our brand and product range are not over-distributed, either across wholesale accounts or in terms of price architecture, meaning that there is sizable future growth ahead of us.  \n Our new strategy represents a fundamental shift from a channel-first mindset to a consumer-first mindset in order to increase our growth opportunities. \n Our ambition is to establish Dr. Martens as the world's most-desired premium footwear brand . \n Over the medium-term we expect to deliver sustainable, profitable revenue growth above the rate of the relevant footwear market, with operating leverage driving a mid to high-teens EBIT margin and underpinned by strong cash generation . \n   \n We are focusing the business on four Levers For Growth: \n 1.     Consumer \n Engage more consumers \n ·      Lead marketing with product, grounded in comfort, craft and confidence \n ·      Deliver a seamless omni-channel experience tailored to each consumer \n ·      Build post-purchase engagement to increase purchase frequency and consumer spend \n   \n 2.     Product \n Drive more purchase occasions \n ·      Reinforce premium positioning of our icons through elevated collections \n ·      Manage hero product families to optimise newness across diverse wearing occasions \n ·      Extend our offer in sandals, bags and other adjacent categories \n ·      Innovate to enhance comfort, lightness and sustainability \n   \n 3.     Markets \n Curate market right distribution \n ·      Expand B2B through long-term product and marketing partnerships with top-tier accounts \n ·      Build a differentiated DTC footprint to elevate the brand, aligning operating models to each market \n ·      Enter new growth markets with capital-light distribution models \n   \n 4.     Organisation \n Simplify the operating model \n ·      Simplify how we work to drive efficiency, scale and speed \n ·      Optimise the cost base to support strategic priorities \n ·      Build a culture of excellence, care and accountability, strengthening organisational clarity, talent development and disciplined execution \n   \n We have already started executing our new strategy . For example, under the Consumer lever, we have implemented our Customer Data Platform, so our teams have much greater ability to present and sell the right product to the right person. In Product, we have launched a new product family, 'Buzz', which has quickly become one of our bestsellers, and will be a core product family for future seasons. In Markets, we have developed multi-year plans with key wholesale and distributor partners, and adopted a far deeper and more partnership-based approach than previously. And in Organisation, we are undertaking a comprehensive review of our operating model to drive efficiency, scale and speed. For instance, in February 2025 we commenced a project to change and improve our global technology capabilities, through the establishment of a new Global Technology Centre (GTC) in India. \n   \n 1 Opportunity defined as uncaptured value within total market size across top 15 markets, calculated as relevant population × average annual footwear spend per capita. Sources: Statista 2025; DM Headroom Model 2025. \n Having stabilised the business in FY25, we see two phases of strategy implementation in the coming years. \n Firstly, for FY26 our focus will be on pivoting the organisation to ensure our people, plans, processes and partners are set up to deliver our consumer-first strategy. With these aims in mind, our key objectives to deliver growth for FY26 are to: \n 1.     Consumer: Reduce the reliance on discounted (\"off-price\") pairs in Americas wholesale, increasing the full price sales mix and improving the quality of revenue in this part of our business \n 2.     Product: Drive pairs growth in product families such as Buzz, Zebzag and Lowell, thereby diversifying our product revenue base \n 3.     Markets: Open in new markets through a capital-light structure \n 4.     Organisation: Simplify our operating model to improve speed of execution and collaborative working across the business \n Secondly, as we progress into FY27 and beyond, our focus will shift to scaling and capitalising on the expanded growth opportunities created for the brand. \n   \n   \n \n \n FY25 RESULTS \n   \n \n \n \n \n £m \n \n \n FY25 \n Reported \n \n \n FY25 \n CC 2 \n \n \n FY24 \n Reported \n \n \n % change \n Actual \n \n \n % change \n CC 2   \n \n \n \n \n Revenue \n \n \n 787.6 \n \n \n 804.8 \n \n \n 877.1 \n \n \n -10% \n \n \n -8% \n \n \n \n \n Adjusted EBIT 1,3 \n \n \n 60.7 \n \n \n 67.1 \n \n \n 126.4 \n \n \n   \n \n \n   \n \n \n \n \n Adjusted PBT 1,3 \n \n \n 34.1 \n \n \n 40.3 \n \n \n 97.2 \n \n \n   \n \n \n   \n \n \n \n \n PBT \n \n \n 8.8 \n \n \n 15.0 \n \n \n 93.0 \n \n \n   \n \n \n   \n \n \n \n \n Adjusted basic EPS 1,3 \n \n \n 2.4 \n \n \n 3.1 \n \n \n 7.4 \n \n \n   \n \n \n   \n \n \n \n \n EPS (p) \n \n \n 0.5 \n \n \n 1.1 \n \n \n 7.0 \n \n \n   \n \n \n   \n \n \n \n \n Net Debt 1 (including leases) \n \n \n 249.5 \n \n \n - \n \n \n 359.8 \n \n \n   \n \n \n   \n \n \n \n \n Dividend per share (p) \n \n \n 2.55 \n \n \n - \n \n \n 2.55 \n \n \n   \n \n \n   \n \n \n \n \n   \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 71 to 73. \n 2. Constant currency applies the prior period exchange rates to current period results to remove the impact of FX. Previously, we presented this by applying current period budgeted rates to both the current and prior period. \n 3. In previous periods EBITDA was presented. However, this has been replaced with EBIT as it is considered a more relevant performance measure for the business. The Group has also introduced the use of adjusted performance measures which are exclusive of the impact of exceptional costs and currency gains/losses. Refer to the Glossary on pages 71 to 73 for further explanation of these changes. Prior period amounts have been updated to reflect this change and were therefore unaudited in the prior periods. \n   \n   \n FY25 Results Summary: \n ·      Revenue down 10% (8% constant currency (CC)), in line with guidance and against a challenging macroeconomic and consumer backdrop in several of our core markets. DTC revenue down 4% (2% CC) and wholesale down 20% (18% CC), as expected. Within DTC, retail revenue was down 6% (3% CC) and ecommerce was down 3% (1% CC) \n ·      EMEA Revenue down 11% (10% CC) driven by the UK, Americas revenue down 11% (10% CC), and APAC revenue down 4% (up 1% CC), with a good performance in Japan and China \n ·      Cost savings plan delivered, with annualised £25m savings, with some benefit delivered in FY25 due to efficient execution \n ·      Adjusted PBT of £34.1m (£40.3m CC) excluding exceptional costs, impairment of non-financial assets and currency losses \n ·      Exceptional costs of £17.9m incurred. £15.1m related to items included in the £15m guidance, with an additional £2.8m related to the establishment of a Global Technology Centre in India \n ·      Impairment of non-financial assets of £4.3m related to impairment of 16 underperforming stores, mainly in the USA, which have not fully recovered post Covid-19 \n ·      Significant reduction in both inventory and net debt, both ahead of guidance, with inventory down £67.2m to £187.4m and net debt (incl. leases) down £110.3m to £249.5m. \n ·      Refinance completed successfully, securing a £250.0m term loan together with a £126.5m RCF \n ·      Final dividend of 1.70p proposed, taking the total FY25 dividend to 2.55p, in line with previous guidance \n   \n   \n Current trading and guidance \n Following the delivery of DTC growth in Americas in H2 last year, the underlying trading in this market has continued this positive momentum.  EMEA performance remains mixed, with the UK continuing to see revenue decline due to a challenging market. APAC continues to perform well. As we look forward into FY26, we will reduce discounting in Americas and EMEA, across both our own ecommerce channel and through wholesale, with the aim of driving full price sales. We have a positive Autumn/Winter wholesale order book in EMEA and the USA order book is currently broadly in line with last year, before the benefit of any in-season re-orders. \n   \n We anticipate FX headwinds for FY26 which, based on spot rates as at 2 June 2025, will impact our Group revenue by c.£18m and PBT by c.£3m. We expect the FY26 Adjusted PBT to be within the range of market expectations*. Adjusted PBT will therefore show significant year-on-year growth.  We do however recognise that there is continued macroeconomic uncertainty and the full outcome of tariffs is still unknown, and we will monitor this closely through the year and take action as appropriate. \n   \n Tariffs \n While the USA is an important market for us, we are a truly global brand that is sold in more than 60 countries around the world. In the USA, the entirety of the Spring / Summer 2025 (\"SS25\") stock is in the market, and by the start of July the majority of Autumn / Winter 2025 (\"AW25\") will be either in the market or in transit. We generate strong product gross margins, which is helpful given that tariffs are charged on cost, not retail price. We will continue to assess the situation carefully, but can confirm that for SS25 and AW25 we will be keeping average prices unchanged in the market. More broadly, we continue to manage all costs tightly, working closely with our wholesale and supplier partners.  \n   \n *As at 3 June 2025, sell-side FY26 Adjusted PBT consensus range is £54m to £74m \n   \n Detailed financial guidance is on page 16. \n   \n   \n   \n \n \n   \n BUSINESS REVIEW \n Performance summary \n We delivered strongly against our four FY25 objectives set out at the start of the year : we returned our Americas DTC to growth in H2; we pivoted our marketing to relentlessly focus on product, with new products such as Ambassador, Anistone, Buzz and Dunnet Flower performing very strongly for us and our partners; we delivered £25m of annualised cost savings, at the top end of our target, with the full benefit in FY26; and we strengthened our balance sheet through a significant reduction in inventory and net debt, as well as the successful refinancing of the Group. \n Group revenue declined by 8% CC, in line with guidance and against a challenging macroeconomic and consumer backdrop in several of our core markets. Gross margin declined by 0.6pts to 65.0% mainly driven by lower DTC revenues, together with clearance of some aged and fragmented product lines through USA wholesale channels to reduce inventory. We tightly managed both COGS and operating costs through the year, with operating costs broadly flat, even after increased demand generation spend. Adjusted PBT was £34.1m, or £40.3m on a CC basis, and PBT including adjusting items and exceptional costs was £8.8m. \n Overall, pairs were down 9%, with DTC pairs flat and wholesale pairs down 15% as expected , as our wholesale partners normalised their inventory levels. We saw a very strong performance in shoes, with DTC pairs up 15% with particular success in our bestselling Adrian Loafer, as well as in new shoe families, the Lowell and Buzz. Sandals also saw a good performance, with DTC pairs up 7%, and we continue to see a strong performance in our mules range, led by the Zebzag. Boots remained challenging, with DTC pairs down 9%, with our continuity boots weaker, as expected. This was partially offset by success in product newness, both as extensions of the core icons, for example through the Ambassador soft leather boot and through new product lines such as the Anistone biker boot. Our Bags & Other category is currently a relatively small part of our business and was down 4%, however we saw particular success with our Weekender bag (priced at £300/€320/$320) and the Top Handle bag. We will continue to innovate around bags in future. As a proportion of FY25 Group revenue, boots accounted for 57%, shoes 26%, sandals 12% and bags & other 5%.  \n Collaborations are an important part of our product strategy and allow us to work with global brands to drive engagement and excitement with consumers. Throughout FY25 we continued to work with long-term collaboration partners such as Stussy and Supreme, and we also worked with some new partners in the year including a capsule collection with hit Netflix series Wednesday. \n At our FY24 results we announced that we would be implementing a cost action plan and targeted £20m-£25m of cost savings, of which the full benefit would be seen in FY26. We took swift action to identify and implement savings without impacting demand-generating spend and identified savings at the top end of our guided range of £25m, with some benefit seen in FY25 due to efficient execution. Two-thirds of the savings came from reducing people costs with the remaining from efficiencies and procurement savings. Additionally, we have instilled a culture of tight cost control across the business which will help drive further cost focus in future years. As a result of this cost action plan, we have incurred exceptional costs of £8.9m in FY25, with further detail provided in the Finance Review. \n In February 2025, the Group commenced a project to change and improve our global technology capabilities, through the establishment of a new Global Technology Centre (GTC) in India . This change will allow us to build on our existing platforms and expand our capabilities in a sustainable way. As a result, we have incurred £2.8m of exceptional cost s. The benefits of this project will be offset by double running costs in FY26, with annualised cost benefits seen in FY27 once the GTC is fully operational. \n We are pleased to have recently announced the appointments of Carla Murphy as Chief Brand Officer (CBO) and Paul Zadoff as Americas President . Carla joins from adidas AG, where she served as Global Senior Vice President/General Manager for adidas Outdoor. She has over 20 years of brand building and leadership experience. In her role as CBO she will be responsible for driving the business' brand strategy, vision and creative direction, and will oversee its global product, marketing and sustainability divisions.  She will assume her role at the start of July. Paul Zadoff joined at the start of June as Americas President. He brings 30 years of leadership experience with iconic global brands, including two decades at NIKE. Paul will be responsible for leading the experienced regional team in driving the performance, growth and profitability of the Americas business. \n We have made good progress implementing the strategy of our world class Supply Chain in recent years, enhancing the flexibility of our DC network, significantly improving the control over our supply chain inputs and diversifying our factory base. For AW25, our planned Tier 1 footwear sourcing is 62% Vietnam, 31% Laos, 4% Thailand, 2% Pakistan and 1% from our Made In England factory in Wollaston, UK. \n We continue to make good progress against our sustainability strategy. Our UK repair service, in partnership with The Boot Repair Company, continues to receive exceptionally positive feedback. We are working to expand the UK service to cover a wider range of our products, as well as actively engaging with potential repair partners in other markets as we work to expand the service to more consumers. Our US resale business, ReWair, has now been live for a year and has had strong performance with a significant proportion of purchasers being new to the brand. We have also expanded our product range made with our reclaimed leather, Genix Nappa. Finally, we took a step forward in improving the traceability of our leather supply chain, with 97% of our leather traceable in FY25.  \n We are nearing the end of a period of significant systems investment and are increasingly focused on optimising our systems to enable growth and drive efficiency. During the year, we went live with our Customer Data Platform (CDP) in EMEA and Americas, just ahead of the peak trading period. The CDP gives us a single view of the consumer across DTC channels in both regions. It will allow us to gain deeper insights into customer behaviour, preferences and customer journeys, and enable us to deliver personalised marketing and content to our consumers. As the system gathers more data, we will see benefits building over time. The last core system to be implemented is the Supply and Demand Planning System. This is a modern system which will help us optimise inventories, maximise availability and enhance agility across our business. The system is on track to go live by the end of H1 FY26. \n   \n   \n FINANCE REVIEW \n   \n Total revenue declined 10.2% or 8.2% in constant currency (CC), driven largely by a 19.5% reduction in wholesale revenues (17.8% CC), together with a decline in DTC revenue of 4.2% (2.1% CC), all in line with our expectations and against a challenging trading backdrop. Adjusted profit before tax was £34.1m (FY24: £97.2m) and £40.3m CC. The decline was driven by the revenue reduction, with COGS and Opex 1 tightly managed. Adjusted earnings per share was 2.4p (3.1p CC), compared to adjusted earnings per share of 7.4p in FY24. \n   \n In order to assist shareholders' understanding of the performance of the Group, the narrative below is focused on the adjusted performance for the period, using several non-GAAP and Alternative Performance Measures (APMs); in particular adjusted EBIT 1 , adjusted profit before tax 1 and adjusted earnings per share 1 . \n   \n The Directors consider these adjusted measures to be highly relevant as they provide a clearer view of the Group's ongoing operational performance and align with how shareholders value the business. They also reflect how the business is managed and measured on a day-to-day basis, aid comparability between periods and more closely correlate with the cash and working capital position of the Group, by excluding the effect of significant non-cash accounting adjustments. \n   \n The adjusted measures are before certain exceptional costs which include one-off director joining costs, cost savings related costs and acceleration of capitalised fees in relation to refinancing. Adjusted measures are also presented before impairment and currency gains/losses, as these are significant non-cash accounting adjustments. A glossary and a reconciliation of these APMs to statutory figures can be found at the end of this report on pages 71 to 73. \n   \n To aid investors' understanding of our performance, at H1 FY25 we also introduced further disclosure in CC. In previous periods we referred only to % changes in revenue in CC terms. We now show absolute and % change in CC terms across the Statement of Profit or Loss and will do so going forward. \n   \n Results - at a glance \n   \n \n   \n \n \n \n \n \n £m \n \n \n \n \n \n FY25 \n Reported  \n \n \n   \n FY25 \n CC 1,2 \n \n \n FY24 \n Reported \n \n \n % change \n Reported \n \n \n % change \n CC 1,2 \n \n \n \n \n Revenue \n \n \n Ecommerce \n \n \n 268.3 \n \n \n 273.5 \n \n \n 276.3 \n \n \n -2.9% \n \n \n -1.0% \n \n \n \n \n \n \n \n Retail \n \n \n 242.4 \n \n \n 248.4 \n \n \n 256.8 \n \n \n -5.6% \n \n \n -3.3% \n \n \n \n \n \n \n \n DTC \n \n \n 510.7 \n \n \n 521.9 \n \n \n 533.1 \n \n \n -4.2% \n \n \n -2.1% \n \n \n \n \n \n \n \n Wholesale 3 \n \n \n 276.9 \n \n \n 282.9 \n \n \n 344.0 \n \n \n -19.5% \n \n \n -17.8% \n \n \n \n \n \n \n \n \n \n \n 787.6 \n \n \n 804.8 \n \n \n 877.1 \n \n \n -10.2% \n \n \n -8.2% \n \n \n \n \n Gross margin \n \n \n \n \n \n 511.7 \n \n \n 524.8 \n \n \n 575.2 \n \n \n -11.0% \n \n \n -8.8% \n \n \n \n \n Opex 1 \n \n \n \n \n \n (378.4) \n \n \n (383.8) \n \n \n (377.7) \n \n \n 0.2% \n \n \n 1.6% \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Adjusted EBIT 1,5 \n \n \n \n \n \n 60.7 \n \n \n 67.1 \n \n \n 126.4 \n \n \n   \n \n \n   \n \n \n \n \n Currency losses \n \n \n \n \n \n (3.1) \n \n \n (2.8) \n \n \n (4.2) \n \n \n   \n \n \n   \n \n \n \n \n Impairment of non-financial assets \n \n \n \n \n \n (4.3) \n \n \n (4.5) \n \n \n - \n \n \n   \n \n \n   \n \n \n \n \n Exceptional costs 1 \n \n \n \n \n \n (16.3) \n \n \n (16.4) \n \n \n - \n \n \n   \n \n \n   \n \n \n \n \n EBIT 1,5 \n \n \n   \n \n \n 37.0 \n \n \n 43.4 \n \n \n 122.2 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Adjusted Profit before tax 1,5 \n \n \n   \n \n \n 34.1 \n \n \n 40.3 \n \n \n 97.2 \n \n \n   \n \n \n \n \n \n \n \n Profit before tax \n \n \n   \n \n \n 8.8 \n \n \n 15.0 \n \n \n 93.0 \n \n \n   \n \n \n \n \n \n \n \n Profit after tax \n \n \n   \n \n \n 4.5 \n \n \n   \n \n \n 69.2 \n \n \n   \n \n \n \n \n \n \n \n Adjusted basic earnings per share (p) 1,5 \n \n \n   \n \n \n 2.4 \n \n \n 3.1 \n \n \n 7.4 \n \n \n   \n \n \n   \n \n \n \n \n Basic earnings per share (p) \n \n \n   \n \n \n 0.5 \n \n \n \n \n \n 7.0 \n \n \n   \n \n \n \n \n \n \n \n Dividend per share (p) \n \n \n   \n \n \n 2.55 \n \n \n \n \n \n 2.55 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Key metrics \n \n \n Pairs sold (m) \n \n \n 10.5 \n \n \n   \n \n \n 11.5 \n \n \n -8.8% \n \n \n   \n \n \n \n \n \n \n \n No. of store s 4 \n \n \n 239 \n \n \n   \n \n \n 239 \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n DTC mix % \n \n \n 64.8% \n \n \n 64.8% \n \n \n 60.8% \n \n \n 4.0pts \n \n \n 4.0pts \n \n \n \n \n \n \n \n Gross margin % \n \n \n 65.0% \n \n \n 65.2% \n \n \n 65.6% \n \n \n -0.6pts \n \n \n -0.4pts \n \n \n \n \n \n \n \n EBIT margin % 1,5 \n \n \n 4.7% \n \n \n 5.4% \n \n \n 13.9% \n \n \n -9.2pts \n \n \n -8.5pts \n \n \n \n \n   \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 71 to 73. \n 2. Constant currency applies the prior period exchange rates to current period results to remove the impact of FX. Previously, we presented this by applying current period budgeted rates to both the current and prior period. \n 3. Wholesale revenue including distributor customers. \n 4. Own stores on streets and malls operated under arm's length leasehold arrangements. \n 5. In previous periods EBITDA was presented. However, this has been replaced with EBIT as it is considered a more relevant performance measure for the business. The Group has also introduced the use of adjusted performance measures which are exclusive of the impact of exceptional costs, currency gains/losses and impairment of non-financial assets. Refer to the Glossary on pages 71 to 73 for further explanation of these changes. Prior period amounts have been updated to reflect this change. \n \n   \n \n   \n   \n   \n   \n   \n   \n   \n   \n   \n PERFORMANCE BY CHANNEL \n   \n Revenue decreased by 10.2% or 8.2% CC. DTC revenue declined by 4.2% or 2.1% CC, representing 64.8% of revenue mix (FY24: 60.8%). Wholesale revenues declined by 19.5%, or 17.8% CC, in line with expectations, with the UK and USA contributing to the majority of the decline. Volume, represented by pairs sold, declined 8.8% to 10.5m pairs and DTC pairs were flat year-on-year. Wholesale pairs were down 14.8%, with the lower USA order book more than offsetting action taken to clear aged inventory via wholesale in the USA. \n   \n Ecommerce revenue was down 2.9% or 1.0% CC. Growth of 9.5% in APAC (up 14.7% CC) and flat performance in Americas was offset by weaker trading in EMEA (down 6.3% CC). In EMEA we saw an improved ecommerce performance in H2, albeit remaining down year-on-year, while Americas was marginally positive in CC in both H1 and H2. Trading in both EMEA and Americas was impacted by decreased website visits in both regions, although conversion rates improved. The order management system (OMS), providing a full omnichannel offering, is now live in the majority of stores across EMEA. \n   \n Retail revenue was down 5.6% or 3.3% CC. Growth in APAC was offset by challenging retail environments in EMEA and Americas, driven by weaker footfall. However, we saw an improvement in the latter part of H2 with Group retail revenue returning to flat year-on-year in Q4. For the full period, retail revenue was down 5.6% in EMEA, down 3.8% in Americas and grew 4.2% in APAC, all in CC. During the period we opened 17 new stores and closed 17 stores to end the period with 239 own stores. Of the 17 stores closed during the period, five were as a result of a site relocation. The remainder were spread across multiple markets and were the result of normal store portfolio management. \n   \n Wholesale revenue was down 19.5% or down 17.8% CC. Americas was down 23.0% (20.9% CC), as previously guided we saw reduced ordering by wholesale customers as they right-sized their inventory levels. EMEA wholesale declined by 17.0% (down 15.6% CC), with key wholesale partners, particularly in the UK, carefully managing their inventory levels.  \n   \n PERFORMANCE BY REGION \n   \n We have changed our segmental reporting from EBITDA to EBIT. We believe that EBIT represents a more relevant underlying earnings indicator given it includes depreciation and amortisation, including IFRS 16 lease depreciation. Regional EBIT therefore shows the results of core operations excluding only income or charges related to capital and tax costs. For comparative purposes, historical regional EBIT is disclosed on page 15. \n   \n \n   \n \n \n \n \n \n   \n £m \n \n \n \n \n \n FY25 \n \n \n FY24 \n \n \n % change \n Actual \n \n \n % change \n CC 1 \n \n \n \n \n Revenue: \n \n \n EMEA \n \n \n 384.2 \n \n \n 431.8 \n \n \n -11.0% \n \n \n -9.6% \n \n \n \n \n \n \n \n Americas \n \n \n 288.5 \n \n \n 325.8 \n \n \n -11.4% \n \n \n -9.7% \n \n \n \n \n \n \n \n APAC \n \n \n 114.9 \n \n \n 119.5 \n \n \n -3.8% \n \n \n 0.6% \n \n \n \n \n \n \n \n \n \n \n 787.6 \n \n \n 877.1 \n \n \n -10.2% \n \n \n -8.2% \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n EBIT 1,3 : \n \n \n EMEA \n \n \n 74.4 \n \n \n 109.7 \n \n \n -32.2% \n \n \n   \n \n \n \n \n \n \n \n Americas \n \n \n 9.4 \n \n \n 41.7 \n \n \n -77.5% \n \n \n   \n \n \n \n \n \n \n \n APAC \n \n \n 15.0 \n \n \n 22.1 \n \n \n -32.1% \n \n \n   \n \n \n \n \n \n \n \n Support costs 2 \n \n \n (61.8) \n \n \n (51.3) \n \n \n 20.5% \n \n \n \n \n \n \n \n \n \n \n \n \n \n 37.0 \n \n \n 122.2 \n \n \n -69.7% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Adjusted EBIT 1,3 : \n \n \n EMEA \n \n \n 77.3 \n \n \n 109.7 \n \n \n -29.5% \n \n \n   \n \n \n \n \n \n \n \n Americas \n \n \n 13.6 \n \n \n 41.7 \n \n \n -67.4% \n \n \n   \n \n \n \n \n \n \n \n APAC \n \n \n 16.0 \n \n \n 22.1 \n \n \n -27.6% \n \n \n   \n \n \n \n \n \n \n \n Support costs 2 \n \n \n (46.2) \n \n \n (47.1) \n \n \n -1.9% \n \n \n \n \n \n \n \n \n \n \n \n \n \n 60.7 \n \n \n 126.4 \n \n \n -52.0% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n EBIT 1,3 margin by region: \n \n \n EMEA \n \n \n 19.4 % \n \n \n 25.4% \n \n \n -6.0pts \n \n \n   \n \n \n \n \n \n \n \n Americas \n \n \n 3.3 % \n \n \n 12.8% \n \n \n -9.5pts \n \n \n   \n \n \n \n \n \n \n \n APAC \n \n \n 13.1 % \n \n \n 18.5% \n \n \n -5.4pts \n \n \n   \n \n \n \n \n \n \n \n Total 4 \n \n \n 4.7 % \n \n \n 13.9% \n \n \n -9.2pts \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Adjusted EBIT 1,3 margin by region: \n \n \n EMEA \n \n \n 20.1 % \n \n \n 25.4% \n \n \n -5.3pts \n \n \n   \n \n \n \n \n   \n \n \n Americas \n \n \n 4.7 % \n \n \n 12.8% \n \n \n -8.1pts \n \n \n   \n \n \n \n \n   \n \n \n APAC \n \n \n 13.9 % \n \n \n 18.5% \n \n \n -4.6pts \n \n \n   \n \n \n \n \n   \n \n \n Total 4 \n \n \n 7.7 % \n \n \n 14.4% \n \n \n -6.7pts \n \n \n   \n \n \n \n \n   \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 71 to 73. \n \n 2. Support costs represent Group-related support costs not directly attributable to each region's operations and including Group Finance, Legal, Group HR, Global Brand and Design, Directors, Global Supply Chain and other Group-only related costs and expenses. \n 3. In previous periods EBITDA was presented. However, this has been replaced with EBIT as it is considered a more relevant performance measure for the business. The Group has also introduced the use of adjusted performance measures which are exclusive of the impact of exceptional costs, currency gains/losses and impairment of non-financial assets. Refer to the Glossary on pages 71 to 73 for further explanation of these changes. Prior period amounts have been updated to reflect this change.  \n 4. Total EBIT margins are inclusive of support costs. \n \n   \n   \n   \n   \n   \n   \n EMEA Revenue declined 11.0% to £384.2m, or 9.6% CC. DTC declined by 7.4% (5.9% CC) with retail and ecommerce down 7.2% and 7.6% respectively (5.6% and 6.3% CC). DTC performance was challenging, reflecting a highly promotional competitive background, particularly in the UK, however we maintained our discipline and participated in promotions in line with our broader discounting strategy. EMEA wholesale revenue declined by 17.0% with partners carefully managing their inventory levels as expected, particularly in the UK. DTC mix grew by 2.6pts to 64.8%. \n   \n During the period we opened eight new stores, one in each of France, Spain and Netherlands, two stores in Italy, together with our first stores in Sweden and Austria (two stores). We closed seven stores in the period, four of which were relocations. \n   \n EMEA adjusted EBIT was £77.3m (FY24: £109.7m), driven by the revenue decline, with costs tightly managed. \n   \n Americas Revenue declined 11.4% to £288.5m, or 9.7% CC. DTC revenue declined by 2.6% (1.1% CC), with broadly flat ecommerce revenues (down 0.9% reported or up 0.6% CC) offset by retail decline of 5.2% (3.8% CC) driven by weaker footfall. There was improvement in H2, with retail up 1.0% and ecommerce up 0.7% CC. Americas wholesale revenue declined 20.9% CC in line with our expectations, due to a lower orderbook as wholesale customers right-sized their inventory levels. \n   \n During the period we focused on our current store estate in the USA and slowed down new store openings. We closed three stores where the street traffic had permanently declined in the location and also opened our first outlet store, giving us a more efficient clearance channel in the market. \n   \n Americas adjusted EBIT was £13.6m (FY24: £41.7m) due to the decline in revenue partially offset by tight cost control. \n   \n APAC Revenue declined by 3.8% to £114.9m but grew 0.6% CC. This growth in CC was driven by DTC revenues increasing 2.9% (up 8.5% CC), with DTC mix increasing by 4.7pts to 71.6%. Retail revenue declined 1.7% but increased 4.2% CC, driven by higher footfall in Japan and Korea. Ecommerce revenue was up 9.5% (14.7% CC), with a good performance in Japan and China. APAC Wholesale declined 17.5% (15.4% CC), as expected, with slower sell out and inventory management in Southeast Asia distributors as well as in Japan. We saw good revenue growth in Australia and New Zealand of 11.6%, a distributor model, with the opening of four new franchise stores. \n   \n During the period we opened eight new stores, with five in Japan, two in China and one in South Korea. In Japan, in addition to the owned store openings, we opened seven new franchise stores, with a healthy pipeline of both DTC and franchise stores in this market. We closed seven own stores and seven franchise stores in APAC due to strategic decisions to invest in more profitable markets. \n   \n APAC adjusted EBIT was £16.0m (FY24: £22.1m) due to deleverage as a result of the decline in revenue. \n   \n Adjusted Group support costs were tightly managed, declining 1.9% to £46.2m.  \n   \n RETAIL STORE ESTATE \n   \n During the period, we opened 17 (FY24: 46) new own retail stores (via arm's length leasehold arrangements) and closed 17 stores (FY24: 11) as follows below. Five of the closures were as a result of relocations. \n   \n \n \n \n \n   \n \n \n \n \n \n   \n 1 April 2024 \n \n \n Opened \n \n \n Closed \n \n \n 30 March 2025  \n \n \n   \n \n \n \n \n EMEA: \n \n \n UK \n \n \n 35 \n \n \n - \n \n \n (1) \n \n \n 34 \n \n \n   \n \n \n \n \n \n \n \n Germany \n \n \n 19 \n \n \n - \n \n \n (2) \n \n \n 17 \n \n \n   \n \n \n \n \n \n \n \n France \n \n \n 17 \n \n \n 1 \n \n \n - \n \n \n 18 \n \n \n   \n \n \n \n \n \n \n \n Italy \n \n \n 12 \n \n \n 2 \n \n \n - \n \n \n 14 \n \n \n   \n \n \n \n \n \n \n \n Spain \n \n \n 6 \n \n \n 1 \n \n \n (1) \n \n \n 6 \n \n \n   \n \n \n \n \n \n \n \n Other \n \n \n 13 \n \n \n 4 \n \n \n (3) \n \n \n 14 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n 102 \n \n \n 8 \n \n \n (7) \n \n \n 103 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Americas: \n \n \n \n \n \n 61 \n \n \n 1 \n \n \n (3) \n \n \n 59 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n APAC: \n \n \n Japan \n \n \n 43 \n \n \n 5 \n \n \n (2) \n \n \n 46 \n \n \n   \n \n \n \n \n \n \n \n China \n \n \n 9 \n \n \n 2 \n \n \n (4) \n \n \n 7 \n \n \n   \n \n \n \n \n \n \n \n South Korea \n \n \n 17 \n \n \n 1 \n \n \n (1) \n \n \n 17 \n \n \n   \n \n \n \n \n \n \n \n Hong Kong \n \n \n 7 \n \n \n - \n \n \n - \n \n \n 7 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n 76 \n \n \n 8 \n \n \n (7) \n \n \n 77 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Total \n \n \n 239 \n \n \n 17 \n \n \n (17) \n \n \n 239 \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n   \n The Group also trades from 20 (FY24: 22) concession counters in department stores in South Korea and a further 88 (FY24: 77) mono-branded franchise stores around the world with 24 in Japan (FY24: 19), 27 across Australia and New Zealand (FY24: 24) and 37 across other Southeast Asia countries and Canada (FY24: 31). We closed all three franchise stores in the Nordics in the period as we have two of our own stores in this region. \n   \n   \n   \n   \n   \n ANALYSIS OF PERFORMANCE BY HALF \n   \n Revenue in H2 was down 3.8% (1.8% CC) or £18.3m to £463.0m (FY24 H2: £481.3m), with EBIT down 36.4% to £52.1m (FY24 H2: £81.9m) and adjusted EBIT down 26.5% or £23.0m to £63.7m (FY24 H2: £86.7m). In all regions total revenue showed improved performance on a reported and CC basis in H2 compared to H1, with APAC achieving year-on-year growth in H2. Ecommerce revenue was down 2.4% in H1 and down 0.3% CC in H2. In retail, revenue showed improved performance in H2, driven by APAC up 2.6% (up 7.4% CC). Wholesale performance also showed an improving trend in H2, driven by Americas which was down 36.2% in H1 (34.0% CC) and down 6.1% in H2 (4.3% CC). \n   \n \n \n \n \n \n \n \n \n \n \n H1 FY25 \n \n \n H2 FY25 \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n Actual \n \n \n CC \n \n \n Actual \n \n \n CC \n \n \n   \n \n \n \n \n Total Revenue \n \n \n   \n \n \n -18.0% \n \n \n -16.1% \n \n \n -3.8% \n \n \n -1.8% \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue: \n \n \n Ecommerce \n \n \n -4.4% \n \n \n -2.4% \n \n \n -2.2% \n \n \n -0.3% \n \n \n \n \n \n \n \n \n \n \n Retail \n \n \n -9.0% \n \n \n -6.6% \n \n \n -3.3% \n \n \n  -1.0% \n \n \n \n \n \n \n \n \n \n \n DTC \n \n \n -6.8% \n \n \n -4.6% \n \n \n -2.7% \n \n \n -0.6% \n \n \n \n \n \n \n \n \n \n \n Wholesale 1 \n \n \n -29.0% \n \n \n -27.4% \n \n \n -6.4% \n \n \n -4.4% \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Region: \n \n \n EMEA \n \n \n -16.4% \n \n \n -15.5% \n \n \n -6.6% \n \n \n -4.7% \n \n \n \n \n \n \n \n   \n \n \n Americas \n \n \n -22.3% \n \n \n -20.2% \n \n \n -2.4% \n \n \n -1.0% \n \n \n \n \n \n \n \n   \n \n \n APAC \n   \n \n \n -11.9% \n \n \n -6.9% \n \n \n 2.7% \n \n \n 6.7% \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1. Wholesale revenue including distributor customers. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n ANALYSIS OF PERFORMANCE BY QUARTER \n   \n Our DTC performance was in line with expectations. Q1 was impacted by the earlier timing of Easter, which fell in Q4 FY24 (as opposed to FY25 Q1 as is typically the case). Q2 and Q3 saw improved DTC performance compared to Q1, with Q3 growing 0.7% CC, as Autumn/Winter (AW) newness and product-led marketing campaigns drove performance. Q4 DTC stepped back, declining  2.7% CC, as promotional activity in the wider market impacted full price trading. Wholesale also performed in line with expectations, with a lower order book in Americas, as expected, together with EMEA wholesale customers carefully managing their inventory levels. \n   \n \n \n \n \n \n \n \n \n \n \n Q1 \n \n \n Q2 \n \n \n Q3 \n \n \n Q4 \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n Actual \n \n \n CC \n \n \n Actual \n \n \n CC \n \n \n Actual \n \n \n CC \n \n \n Actual \n \n \n CC \n \n \n   \n \n \n \n \n Total Revenue \n \n \n -17.6% \n \n \n -15.8% \n \n \n -18.2% \n \n \n -16.3% \n \n \n -2.8% \n \n \n 2.6% \n \n \n -5.0% \n \n \n -7.0% \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue: \n \n \n Ecommerce \n \n \n -8.8% \n \n \n -7.1% \n \n \n -0.6% \n \n \n 1.6% \n \n \n -3.9% \n \n \n 2.3% \n \n \n 0.6% \n \n \n -4.4% \n \n \n \n \n \n \n \n \n \n \n Retail \n \n \n -9.7% \n \n \n -7.3% \n \n \n -8.3% \n \n \n -6.2% \n \n \n -5.4% \n \n \n -1.3% \n \n \n 0.0% \n \n \n -0.5% \n \n \n \n \n \n \n \n \n \n \n DTC \n \n \n -9.3% \n \n \n -7.2% \n \n \n -4.6% \n \n \n -2.4% \n \n \n -4.5% \n \n \n 0.7% \n \n \n 0.3% \n \n \n -2.7% \n \n \n \n \n \n \n \n   \n \n \n Wholesale 1 \n \n \n -35.0% \n \n \n -33.9% \n \n \n -27.3% \n \n \n -25.6% \n \n \n 3.0% \n \n \n 9.4% \n \n \n -13.2% \n \n \n -13.9% \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Region: \n \n \n EMEA \n \n \n -13.8% \n \n \n -13.1% \n \n \n -17.5% \n \n \n -16.7% \n \n \n -4.2% \n \n \n 0.2% \n \n \n -10.0% \n \n \n -11.1% \n \n \n \n \n \n \n \n   \n \n \n Americas \n \n \n -26.2% \n \n \n -25.8% \n \n \n -20.2% \n \n \n -17.2% \n \n \n -4.2% \n \n \n 2.1% \n \n \n -0.4% \n \n \n -4.2% \n \n \n \n \n \n \n \n   \n \n \n APAC \n \n \n -7.7% \n \n \n -0.5% \n \n \n -15.0% \n \n \n -12.0% \n \n \n 6.4% \n \n \n 14.2% \n \n \n -1.3% \n \n \n -1.6% \n \n \n \n \n \n \n \n 1. Wholesale revenue including distributor customers. \n \n \n \n \n \n \n \n   \n PROFITABILITY ANALYSIS \n   \n Gross margin declined marginally by 0.6pts to 65.0% or by 0.4pts CC. This was partly due to action we took to clear aged inventory in the USA and responsible discounting in our global DTC channels in line with our broader discounting strategy. \n   \n Opex 1 remained broadly flat, growing by 0.2%, or £0.7m, to £378.4m or up £6.1m to £383.8m CC, which included £3.6m incremental demand generation spend. Opex was very tightly controlled across the business with all investments, including demand generation, rigorously reviewed before being committed. \n   \n EBITDA 1 decreased by 40.8% to £117.0m (FY24: £197.5m), due to the operational deleverage from reduced revenues, despite tight cost control. \n   \n EBIT 1 decreased by 69.7% to £37.0m as a result of the decline in EBITDA together with £4.3m impairment (FY24: £nil). Impairment was charged in relation to 16 stores in FY25, mainly in EMEA and Americas, which were assessed as underperforming. Currency losses were £3.1m in the period (FY24: £4.2m loss). Adjusted EBIT decreased by 52.0% to £60.7m (FY24: £126.4m). \n   \n   \n   \n   \n   \n   \n   \n 1 Alternative Performance Measure (APM) as defined in the Glossary on pages 71 to 73. \n Profit after tax is analysed in the following table from EBITDA:  \n   \n \n   \n \n \n \n \n \n £m \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n EBITDA 1 \n \n \n 117.0 \n \n \n 197.5 \n \n \n \n \n Depreciation and amortisation \n \n \n (72.5) \n \n \n (72.3) \n \n \n \n \n Impairment \n \n \n (4.3) \n \n \n - \n \n \n \n \n Other (losses)/gains \n \n \n (0.1) \n \n \n 1.2 \n \n \n \n \n Currency losses \n \n \n (3.1) \n \n \n (4.2) \n \n \n \n \n EBIT 1 \n \n \n 37.0 \n \n \n 122.2 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Add back: exceptional costs and adjusting items 1 \n \n \n 23.7 \n \n \n 4.2 \n \n \n \n \n Adjusted EBIT 1 \n \n \n 60.7 \n \n \n 126.4 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Net bank interest costs \n \n \n (21.1) \n \n \n (20.6) \n \n \n \n \n Interest on lease liabilities and unwind of provisions \n \n \n (7.1) \n \n \n (8.6) \n \n \n \n \n Profit before tax \n \n \n 8.8 \n \n \n 93.0 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Add back: exceptional costs and adjusting items 1 \n \n \n 25.3 \n \n \n 4.2 \n \n \n \n \n Adjusted profit before tax 1 \n \n \n 34.1 \n \n \n 97.2 \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Tax \n \n \n (4.3) \n \n \n (23.8) \n \n \n \n \n Profit after tax \n \n \n 4.5 \n \n \n 69.2 \n \n \n \n \n   \n \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 71 to 73. \n   \n \n   \n Depreciation and amortisation charged in the period was £72.5m (FY24 £72.3m).  This is analysed as follows:  \n \n   \n   \n \n   \n \n \n \n \n £m \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n Amortisation of intangibles 1 \n \n \n 6.1 \n \n \n 5.8 \n \n \n \n \n Depreciation of property, plant and equipment 2 \n \n \n 15.0 \n \n \n 15.2 \n \n \n \n \n \n \n \n 21.1 \n \n \n 21.0 \n \n \n \n \n Depreciation of right-of-use assets 3 \n \n \n 51.4 \n \n \n 51.3 \n \n \n \n \n Total \n \n \n 72.5 \n \n \n 72.3 \n \n \n \n \n   \n \n 1. Mainly represented by IT-related spend with the average useful term of 5 to 15 years. \n 2. Mainly represented by office and store fit out costs with a useful term of 3 to 15 years. \n 3. Mainly represented by depreciation of IFRS 16 capitalised leases with the average useful term remaining of 3.2 years and 267 properties (FY24: 3.5 years and 263 properties). \n   \n \n   \n Foreign currency \n Dr. Martens is a global brand selling to consumers across the world in many different currencies, with the financial statements reported in GBP. Foreign currency amounts in the Statement of Profit or Loss are prepared on an average actual currency rate basis for the period. These exchange rates are calculated monthly and applied to revenue and costs generated in that month, such that the actual performance translated across the period is dependent on monthly trading profiles as well as movement in currency exchange rates. To aid comparability of underlying performance, we have also calculated constant currency movements across the Statement of Profit or Loss, which is calculated by applying the prior period exchange rates to current period results to remove the impact of FX. Previously, we presented this by applying current period budgeted rates to both the current and prior period, but believe the new methodology provides a more relevant view of performance versus actual prior period results.  \n   \n Exchange rates mainly impacting the Group are GBP/USD, GBP/EUR and GBP/JPY. The following table summarises average exchange rates used in the period: \n   \n \n \n \n \n \n \n \n   \n GBP/USD \n \n \n   \n GBP/EUR \n \n \n   \n GBP/JPY \n \n \n   \n \n \n \n \n \n \n \n FY25 \n \n \n FY24 \n \n \n % \n \n \n FY25 \n \n \n FY24 \n \n \n % \n \n \n FY25 \n \n \n FY24 \n \n \n % \n \n \n   \n \n \n \n \n H1 \n \n \n 1.28 \n \n \n 1.26 \n \n \n 1.6% \n \n \n 1.18 \n \n \n 1.16 \n \n \n 1.7% \n \n \n 195 \n \n \n 178 \n \n \n 9.6% \n \n \n   \n \n \n \n \n H2 \n \n \n 1.27 \n \n \n 1.26 \n \n \n 0.8% \n \n \n 1.20 \n \n \n 1.16 \n \n \n 3.4% \n \n \n 194 \n \n \n 186 \n \n \n 4.3% \n \n \n   \n \n \n \n \n FY \n \n \n 1.28 \n \n \n 1.26 \n \n \n 1.6% \n \n \n 1.19 \n \n \n 1.16 \n \n \n 2.6% \n \n \n 194 \n \n \n 182 \n \n \n 6.6% \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n   \n The Group takes a holistic approach to exchange rate risk, monitoring exposures on a Group-wide, net cash flow basis, seeking to maximise natural offsets wherever possible. While COGS purchases for the Group are predominantly denominated in USD, currency risk is partially offset from USD revenues earned in Americas and from distributor revenues, which are also largely USD denominated. Where a net foreign currency exposure is considered material, the Group seeks to reduce volatility from exchange movements by using derivative financial instruments. During the period, a £3.8m gain (FY24: £1.5m gain) was recorded in revenues related to derivatives partially hedging the net EUR inflows. \n   \n Retranslation of foreign currency denominated monetary assets and liabilities in the period resulted in a currency loss of £3.1m (FY24: loss of £4.2m). This was predominantly due to the close out of derivatives used for mitigating the GBP/EUR currency risk derived from the EUR Term Loan. \n   \n   \n Interest \n The Group's exposure to changes in interest rates relates primarily to cash investments, borrowings and IFRS 16 lease liabilities. Total Group net interest costs for the period were £28.2m, £1.0m lower than the prior period (FY24: £29.2m) driven by a decrease of £1.7m of IFRS 16 interest costs due to lower lease liabilities, increased interest receivable amounts of £0.8m from higher cash balances and offset by the £1.6m of accelerated amortisation of fees on debt refinancing. Interest costs related to borrowings were broadly flat year-on-year. Following the refinancing of the Group's facilities in November 2024, increased interest costs related to holding sterling denominated debt relative to EUR (with the floating SONIA benchmark rate being higher than EURIBOR) were materially offset by a reduction in gross loan amounts of £33.0m. \n   \n Adjusting items \n In May 2024, the Group announced it would be undertaking a cost action plan with benefits of savings from FY26. We took swift action to identify and implement savings, which came from operational efficiency and design, better procurement and operational streamlining. We did benefit from some of these savings in FY25 and we expect annualised savings of c.£25m in FY26. In addition, in February 2025, the Group commenced a project to change and improve the Global Technology organisation and capability through the establishment of a new technology centre in India. \n   \n In FY25, the Group incurred exceptional costs of £17.9m (FY24: nil), £15.1m related to items included in our £15m guidance, primarily relating to headcount reduction costs (£8.9m), director joining costs relating to the new CEO and CFO (£4.6m) and the accelerated amortisation of fees on debt refinancing (£1.6m). An additional £2.8m was incurred in relation to establishment of the Global Technology Centre in India. \n   \n Impairment of non-financial assets, in relation to 16 underperforming stores mainly in EMEA and Americas, and currency losses are presented as other adjusting items to provide a clearer view of the Group's underlying operational performance. \n   \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n \n \n \n Included in selling and administrative expenses \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Exceptional costs 1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n           Director joining costs \n \n \n 4.6 \n \n \n - \n \n \n \n \n \n \n \n           Cost savings related costs \n \n \n 11.7 \n \n \n - \n \n \n \n \n \n \n \n \n \n \n 16.3 \n \n \n - \n \n \n \n \n \n \n \n Other adjusting items \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n           Impairment of non-financial assets \n \n \n 4.3 \n \n \n - \n \n \n \n \n \n \n \n           Currency losses \n \n \n 3.1 \n \n \n 4.2 \n \n \n \n \n \n \n \n Adjustments to EBIT 1 \n \n \n 23.7 \n \n \n 4.2 \n \n \n \n \n \n \n \n Exceptional costs 1 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n           Accelerated amortisation of fees on debt refinancing \n \n \n 1.6 \n \n \n - \n \n \n \n \n \n \n \n Adjustments to profit before tax \n \n \n 25.3 \n \n \n 4.2 \n \n \n \n \n \n \n \n   \n \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 71 to 73. \n   \n \n   \n Tax was a charge of £4.3m (FY24: £23.8m) with an effective tax rate of 48.9% (FY24: 25.6%). The effective tax rate has significantly increased in the period due to profit before tax being comparatively lower than the previous period at £8.8m (FY24: £93.0m). This means that any tax adjustments have disproportionately impacted the effective tax rate as they are now a higher percentage of profit before tax. After adding back adjusting items of £25.3m, our adjusted effective tax rate reduces to 31.6%, higher than the UK tax rate of 25% due to the impact of profits generated outside of the UK. \n   \n Earnings per share (basic) was 0.5p (FY24: 7.0p) or 2.4p on an adjusted basis. EPS and diluted EPS are similar numbers due to the minimal dilutive impact of share options on the total diluted share number. The following table summarises these EPS figures: \n \n   \n \n   \n \n \n \n \n   \n \n \n \n \n \n FY25 pence \n Reported \n \n \n FY25 pence \n CC 1 \n \n \n FY24 pence \n   \n \n \n \n \n Earnings per \n \n \n Adjusted basic 1 \n \n \n 2.4 \n \n \n 3.1 \n \n \n 7.4 \n \n \n \n \n share \n \n \n Basic \n \n \n 0.5 \n \n \n 1.1 \n \n \n 7.0 \n \n \n \n \n \n \n \n Diluted \n \n \n 0.5 \n \n \n 1.1 \n \n \n 7.0 \n \n \n \n \n   \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 71 to 73. \n \n   \n \n   \n   \n \n   \n   \n CASH FLOWS \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n EBITDA 1 \n \n \n 117.0 \n \n \n 197.5 \n \n \n \n \n Decrease/(increase) in inventories \n \n \n 62.7 \n \n \n (1.6) \n \n \n \n \n Decrease in debtors \n \n \n 6.3 \n \n \n 23.0 \n \n \n \n \n Increase/(decrease) in creditors 1 \n \n \n 15.3 \n \n \n (36.2) \n \n \n \n \n Total change in net working capital \n \n \n 84.3 \n \n \n (14.8) \n \n \n \n \n Share-based payments \n \n \n 7.2 \n \n \n 4.0 \n \n \n \n \n Capex \n \n \n (18.7) \n \n \n (28.4) \n \n \n \n \n Operating cash flow 1,2 \n \n \n 189.8 \n \n \n 158.3 \n \n \n \n \n Operating cash flow conversion 1,2,3 \n \n \n 162.2% \n \n \n 80.2% \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Net interest paid \n \n \n (28.1) \n \n \n (17.0) \n \n \n \n \n Payment of lease liabilities \n \n \n (56.2) \n \n \n (52.2) \n \n \n \n \n Taxation \n \n \n (12.2) \n \n \n (18.8) \n \n \n \n \n Repurchase of shares \n \n \n - \n \n \n (50.5) \n \n \n \n \n Derivatives settlement 1 \n \n \n (4.0) \n \n \n (5.5) \n \n \n \n \n Proceeds from borrowings \n \n \n 250.0 \n \n \n - \n \n \n \n \n Repayment of borrowings \n \n \n (283.0) \n \n \n - \n \n \n \n \n Dividends paid \n \n \n (9.5) \n \n \n (57.8) \n \n \n \n \n Net cash inflow/(outflow) \n \n \n 46.8 \n \n \n (43.5) \n \n \n \n \n Opening cash \n \n \n 111.1 \n \n \n 157.5 \n \n \n \n \n Net cash exchange translation \n \n \n (2.0) \n \n \n (2.9) \n \n \n \n \n Closing cash \n \n \n 155.9 \n \n \n 111.1 \n \n \n \n \n \n   \n 1. Comparative information has been re-presented to separately disclose the gain realised on matured derivatives. \n 2. Alternative Performance Measure (APM) as defined in the Glossary on pages 71 to 73. \n 3. Adjusted operating cash flow conversion 2 is 149.8% (FY24: 80.2%). \n   \n \n   \n Operating cash flow generated an inflow of £189.8m (FY24: £158.3m), impacted by positive working capital cash inflows of £84.3m (FY24: outflow of £14.8m). Inventory levels have declined by £62.7m during the period (FY24: £1.6m increase) due to the planned reduction of purchases to reduce inventories together with action to clear aged inventories through wholesale channels in the USA. \n   \n Debtors have decreased by £6.3m (FY24: £23.0m decrease), predominantly driven by wholesale customer order fulfilment ahead of peak in line with the Group's ordinary trading cycle. \n   \n Trade debtor days increased to 58 days (FY24: 52 days) and remains within standard terms of 60 days. \n   \n Creditors have increased by £15.3m (FY24: £37.7m decrease) due to the timing of payments over the reporting date. \n   \n Capex was £18.7m (FY24: £28.4m) and represented 2.4% of revenue (FY24: 3.2%). The breakdown in capex by category is as follows: \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n Retail stores \n \n \n 6.5 \n \n \n 14.4 \n \n \n \n \n Supply Chain \n \n \n 1.4 \n \n \n 2.7 \n \n \n \n \n IT/Tech \n \n \n 10.8 \n \n \n 11.3 \n \n \n \n \n \n \n \n 18.7 \n \n \n 28.4 \n \n \n \n \n \n   \n \n   \n Net interest paid was £28.1m (FY24: £17.0m), higher than FY24 by £11.1m. Debt interest payments were £8.0m higher following a change in interest term periods (from six to three months) along with £3.8m of one-off transaction costs paid related to the refinancing, which were capitalised with the new loan on the balance sheet. Cash investment interest received grew by £0.7m, primarily from higher average cash balances held during the period. \n   \n Payment of lease liabilities was £56.2m (FY24: £52.2m) higher than FY24 by £4.0m primarily due to indexation increases in rent following annual reviews. \n   \n Funding and Leverage \n The Group is funded by internally generated operating cash flows, bank debt and equity. During FY25 the Group successfully negotiated with existing and new lenders to refinance its debt facilities, with the new facilities drawn on 19 November 2024. The new facilities are entirely GBP denominated and consist of a £250.0m term loan (FY24: €337.5m EUR denominated) and £126.5m RCF (FY24:£200.0m) for an initial term of three years, with the option to extend both facilities by two additional one-year terms through to November 2029, subject to lender approval.  Further details on the capital structure and debt are given in note 18 of the Consolidated Financial Statements. \n   \n The facilities are subject to a Net Debt/EBITDA leverage covenant of <3x every six months, consistent with the terms of the previous loan. The total net leverage test is calculated with a full 12 months of EBITDA (covenant calculation basis) and net debt being inclusive of IFRS 16 lease liabilities at the balance sheet date. As at 30 March 2025, the Group had total net leverage of 1.8 times (FY24: 1.8 times). \n   \n   \n BALANCE SHEET \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n £m \n \n \n   \n \n \n 30 March 2025 \n \n \n 31 March 2024 \n   \n \n \n \n \n Freehold property \n \n \n   \n \n \n 6.7 \n \n \n 7.0 \n \n \n \n \n Right-of-use assets \n \n \n   \n \n \n 143.2 \n \n \n 173.5 \n \n \n \n \n Other fixed assets \n \n \n   \n \n \n 76.2 \n \n \n 81.7 \n \n \n \n \n      Inventory \n \n \n   \n \n \n 187.4 \n \n \n 254.6 \n \n \n \n \n      Debtors \n \n \n   \n \n \n 63.4 \n \n \n 70.4 \n \n \n \n \n      Creditors 1 \n \n \n   \n \n \n (111.4) \n \n \n (100.7) \n \n \n \n \n Working capital \n \n \n   \n \n \n 139.4 \n \n \n 224.3 \n \n \n \n \n Other 2 \n \n \n   \n \n \n 6.0 \n \n \n (1.5) \n \n \n \n \n Operating net assets \n \n \n   \n \n \n 371.5 \n \n \n 485.0 \n \n \n \n \n Goodwill \n \n \n   \n \n \n 240.7 \n \n \n 240.7 \n \n \n \n \n Cash \n \n \n   \n \n \n 155.9 \n \n \n 111.1 \n \n \n \n \n Bank debt \n \n \n   \n \n \n (250.0) \n \n \n (288.6) \n \n \n \n \n Unamortised bank fees \n \n \n   \n \n \n 3.7 \n \n \n 2.3 \n \n \n \n \n Lease liabilities \n \n \n   \n \n \n (155.4) \n \n \n (182.3) \n \n \n \n \n Net assets/equity \n \n \n   \n \n \n 366.4 \n \n \n 368.2 \n \n \n \n \n   \n 1. Includes bank interest of £2.4m (FY24: £8.4m). \n 2. Other includes investments, deferred tax assets, income tax assets, income tax payables, deferred tax liabilities and provisions. \n \n   \n \n   \n Inventory \n As previously disclosed, inventory levels were elevated in FY24 and reducing inventory by £40m was a key target for FY25. We exceeded this target, with inventory down £67.2m compared to the 31 March 2024 position. The inventory reduction was primarily achieved through reduced purchases from our suppliers, and we additionally cleared some aged inventory via the wholesale channel in the USA. \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n 30 March 2025 \n \n \n 31 March 2024 \n \n \n \n \n \n \n \n Inventory (£m) \n \n \n 187.4 \n \n \n 254.6 \n \n \n \n \n \n \n \n Turn (x) 1 \n \n \n 1.5x \n \n \n 1.2x \n \n \n \n \n \n \n \n Weeks cover 2 \n \n \n 35 \n \n \n 44 \n \n \n \n \n \n \n \n 1. Calculated as historic LTM COGS divided by average LTM inventory. \n 2. Calculated as 52 weeks divided by inventory turn. \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n Net debt \n \n Another focus through FY25 was a reduction in our net debt, with overall net debt reducing year-on-year by £110.3m to £249.5m, ahead of guidance of £310m to £330m. \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n £m \n \n \n 30 March 2025 \n \n \n 31 March 2024 \n   \n \n \n \n \n Bank loans (excluding unamortised bank fees) \n \n \n (250.0) \n \n \n (288.6) 2 \n \n \n \n \n Cash \n \n \n 155.9 \n \n \n 111.1 \n \n \n \n \n Net bank loans \n \n \n (94.1) \n \n \n (177.5) \n \n \n \n \n Lease liabilities \n \n \n (155.4) \n \n \n (182.3) \n \n \n \n \n Net debt 1 \n \n \n (249.5) \n \n \n (359.8) \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 71 to 73. \n 2. Previously reported net of unamortised bank fees of £2.3m. \n   \n \n   \n Lease liabilities \n New lease commitments and remeasurements during the period were £26.0m, largely relating to £16.7m of additions. This was offset by £56.2m of lease repayments. Average lease length is low, at 2.6 years to break, with the average lease length we expect to utilise being 3.2 years reflected on the balance sheet. \n   \n \n \n \n \n   \n   \n £m \n \n \n   \n   \n 30 March 2025 \n \n \n 31 March 2024 \n   \n \n \n Average lease length to break (years) \n \n \n \n \n \n \n \n Stores \n \n \n 111.4 \n \n \n 123.3 \n \n \n 2.8 \n \n \n \n \n \n \n \n Offices, warehouses and other \n \n \n 44.0 \n \n \n 59.0 \n \n \n 1.7 \n \n \n \n \n \n \n \n Lease liabilities \n \n \n 155.4 \n \n \n 182.3 \n \n \n 2.6 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n   \n Equity of £366.4m can be analysed as follows: \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n 30 March 2025 \n \n \n 31 March 2024 \n \n \n \n \n \n \n \n Share capital \n \n \n 9.6 \n \n \n 9.6 \n \n \n \n \n \n \n \n Hedging reserve \n \n \n 0.7 \n \n \n 0.9 \n \n \n \n \n \n \n \n Capital redemption reserve \n \n \n 0.4 \n \n \n 0.4 \n \n \n \n \n \n \n \n Merger reserve \n \n \n (1,400.0) \n \n \n (1,400.0) \n \n \n \n \n \n \n \n Non-UK translation reserve \n \n \n 6.6 \n \n \n 9.7 \n \n \n \n \n \n \n \n Retained earnings \n \n \n 1,749.1 \n \n \n 1,747.6 \n \n \n \n \n \n \n \n Equity \n \n \n 366.4 \n \n \n 368.2 \n \n \n \n \n \n \n \n   \n RETURNS TO SHAREHOLDERS \n   \n Our capital allocation philosophy guides our view of returns to shareholders and usage of excess cash. The first priority is to use excess cash for business priorities and we will continue to invest in a targeted manner to support long-term growth and resilience of the Group. Beyond this, our priority is to return excess cash to shareholders through a regular dividend and, when possible, further returns. \n   \n Dividends  \n At the FY24 results in May 2024, the Board shared the intention to hold the FY25 dividend flat to FY24 in absolute terms, at 2.55p, before returning to an earnings payout in line with our dividend policy (of 25% to 35% payout) in FY26 onwards. We also shared that going forward we would adopt a consistent approach to setting the interim dividend, with this dividend set at one-third of the previous period's total dividend. Finally, we announced changes to the dividend payment dates to better reflect the trading cash profile of the Group. \n   \n In line with this guidance, the Board declares a final dividend of 1.70p, taking the total dividend for FY25, including the interim dividend of 0.85p, to 2.55p (FY24: 2.55p). This will be paid to shareholders on the register as at 29 August 2025 with payment on 8 October 2025. \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n \n \n \n Dividends paid during the period/year: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Prior period/year final dividend paid \n \n \n 9.5 \n \n \n 42.8 \n \n \n \n \n \n \n \n Interim dividend paid \n \n \n - \n \n \n 15.0 \n \n \n \n \n \n \n \n Total dividends paid during the period/year \n \n \n 9.5 \n \n \n 57.8 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Profit for the period/year \n \n \n 4.5 \n \n \n 69.2 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Dividend in respect of the period/year: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Interim dividend: 0.85p (FY24: 1.56p) \n \n \n 8.2 \n \n \n 15.0 \n \n \n \n \n \n \n \n Final dividend: 1.70p (FY24: 0.99p) \n \n \n 16.4 \n \n \n 9.5 \n \n \n \n \n \n \n \n Total dividend in respect of the period/year \n \n \n 24.6 \n \n \n 24.5 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Payout ratio % \n \n \n 547% \n \n \n 35% \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n   \n HISTORICAL EBIT ANALYSIS \n   \n As the Group has moved from EBITDA to EBIT disclosure for segmental reporting, historical data on this basis has been provided below alongside revenue for comparability across periods. \n   \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n FY25 \n \n \n FY24 \n \n \n          FY23 \n \n \n % change \n Actual \n \n \n % change \n CC \n \n \n   \n \n \n \n \n £m Revenue \n \n \n EMEA \n \n \n 384.2 \n \n \n 431.8 \n \n \n 443.0 \n \n \n -11.0% \n \n \n -9.6% \n \n \n   \n \n \n \n \n (reported): \n \n \n Americas \n \n \n 288.5 \n \n \n 325.8 \n \n \n 428.2 \n \n \n -11.4% \n \n \n -9.7% \n \n \n   \n \n \n \n \n \n \n \n APAC \n \n \n 114.9 \n \n \n 119.5 \n \n \n 129.1 \n \n \n -3.8% \n \n \n 0.6% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n £m EBIT: \n \n \n EMEA \n \n \n 74.4 \n \n \n 109.7 \n \n \n 120.7 \n \n \n -32.2% \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Americas \n \n \n 9.4 \n \n \n 41.7 \n \n \n 80.7 \n \n \n -77.5% \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n APAC \n \n \n 15.0 \n \n \n 22.1 \n \n \n 25.5 \n \n \n -32.1% \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n % EBIT \n \n \n EMEA \n \n \n 19.4% \n \n \n 25.4% \n \n \n 27.2% \n \n \n -6.0pts \n \n \n   \n \n \n   \n \n \n \n \n margin: \n \n \n Americas \n \n \n 3.3% \n \n \n 12.8% \n \n \n 18.8% \n \n \n -9.5pts \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n APAC \n \n \n 13.1% \n \n \n 18.5% \n \n \n 19.8% \n \n \n -5.4pts \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n   \n   \n   \n   \n   \n FY26 GUIDANCE \n   \n Our guidance for FY26 is: \n ·      New own store openings of 20 to 25 \n ·      Depreciation and Amortisation of £75m to £80m \n ·      Net finance costs of £25m to £27m \n ·      Blended tax rate of c.26% \n ·      Capex of £20m to £25m \n ·      Inventory broadly flat year-on-year \n ·      Net debt of around £200m, including lease liabilities \n   \n We anticipate FX headwinds for FY26 which, based on spot rates as at 2 June 2025, will impact our Group revenue by c.£18m and PBT by c.£3m. FX revenue sensitivities are as follows: for every 1%pt movement in US dollar c.£3.0m; Japanese Yen c.£0.5m and Euro c.£2.5m. \n   \n \n \n   \n Consolidated Statement of Profit or Loss \nFor the 52 weeks ended 30 March 2025 \n   \n \n \n \n \n \n \n \n Note \n \n \n FY25 \n £m \n \n \n FY24 \n £m \n \n \n \n \n Revenue \n \n \n 3 \n \n \n 787.6 \n \n \n 877.1 \n \n \n \n \n Cost of sales \n \n \n \n \n \n (275.9) \n \n \n (301.9) \n \n \n \n \n Gross margin \n \n \n \n \n \n 511.7 \n \n \n 575.2 \n \n \n \n \n Selling and administrative expenses \n \n \n 5 \n \n \n (474.7) \n \n \n (453.0) \n \n \n \n \n Finance income \n \n \n \n \n \n 3.8 \n \n \n 3.0 \n \n \n \n \n Finance expense \n \n \n 8 \n \n \n (32.0) \n \n \n (32.2) \n \n \n \n \n Profit before tax \n \n \n \n \n \n 8.8 \n \n \n 93.0 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n EBIT 1,2 \n \n \n 3 \n \n \n 37.0 \n \n \n 122.2 \n \n \n \n \n Net finance expense \n \n \n \n \n \n (28.2) \n \n \n        (29.2) \n \n \n \n \n Profit before tax \n \n \n \n \n \n 8.8 \n \n \n 93.0 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Tax expense \n \n \n 9 \n \n \n (4.3) \n \n \n (23.8) \n \n \n \n \n Profit for the period \n \n \n \n \n \n 4.5 \n \n \n 69.2 \n \n \n \n \n   \n   \n \n \n \n \n Reconciliation of adjusted EBIT 1 : \n \n \n Note(s) \n \n \n FY25 \n £m \n \n \n FY24 \n £m \n \n \n \n \n EBIT 1,2 \n \n \n 3 \n \n \n 37.0 \n \n \n 122.2 \n \n \n \n \n Exceptional costs 1 \n \n \n 3, 4 \n \n \n 16.3 \n \n \n - \n \n \n \n \n Impairment of non-financial assets \n \n \n 3, 4 \n \n \n 4.3 \n \n \n - \n \n \n \n \n Currency losses \n \n \n 3, 4 \n \n \n 3.1 \n \n \n 4.2 \n \n \n \n \n Adjusted EBIT 1 - non-GAAP measure \n \n \n   \n \n \n 60.7 \n \n \n 126.4 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Reconciliation of adjusted profit before tax 1 : \n \n \n Note(s) \n \n \n FY25 \n £m \n \n \n FY24 \n £m \n \n \n \n \n Profit before tax \n \n \n 3 \n \n \n 8.8 \n \n \n 93.0 \n \n \n \n \n Exceptional costs 1 \n \n \n 3, 4 \n \n \n 17.9 \n \n \n - \n \n \n \n \n Impairment of non-financial assets \n \n \n 3, 4 \n \n \n 4.3 \n \n \n - \n \n \n \n \n Currency losses \n \n \n 3, 4 \n \n \n 3.1 \n \n \n 4.2 \n \n \n \n \n Adjusted profit before tax 1 - non-GAAP measure \n \n \n   \n \n \n 34.1 \n \n \n 97.2 \n \n \n \n \n   \n   \n \n \n \n \n Earnings per share \n \n \n Note \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n Basic \n \n \n 10 \n \n \n 0.5p \n \n \n 7.0p \n \n \n \n \n Diluted \n \n \n 10 \n \n \n 0.5p \n \n \n 7.0p \n \n \n \n \n   \n \n \n \n \n Adjusted earnings per share 1 - non-GAAP measure \n \n \n Note \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n Adjusted basic 1 \n \n \n 10 \n \n \n 2.4p \n \n \n 7.4p \n \n \n \n \n Adjusted diluted 1 \n \n \n 10 \n \n \n 2.4p \n \n \n 7.3p \n \n \n \n \n   \n 1. Alternative Performance Measure (APM) as defined in the Glossary on pages 71 to 73. \n 2. In previous periods EBITDA was presented. However, this has been replaced with EBIT as it is considered a more relevant performance measure for the business. Refer to the Glossary on pages 71 to 73 for further explanation of the change. \n   \n   \n The results for the periods presented above are derived from continuing operations and are entirely attributable to the owners of the Parent Company. \n   \n The notes on pages 22 to 59 form part of these Consolidated Financial Statements. \n                                   \n \n \n Consolidated Statement of Comprehensive Income \nFor the 52 weeks ended 30 March 2025 \n   \n \n \n \n \n \n \n \n Note \n \n \n FY25 \n £m \n \n \n FY24 \n £m \n \n \n \n \n Profit for the period \n \n \n \n \n \n 4.5 \n \n \n 69.2 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Other comprehensive (expense)/income \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Items that may subsequently be reclassified to profit or loss \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Foreign currency translation differences \n \n \n \n \n \n (3.1) \n \n \n (2.8) \n \n \n \n \n Cash flow hedges: Fair value movements in equity \n \n \n \n \n \n (0.3) \n \n \n (1.8) \n \n \n \n \n Cash flow hedges: Reclassified and reported in profit or loss \n \n \n 20 \n \n \n (0.2) \n \n \n 3.9 \n \n \n \n \n Tax in relation to share schemes \n \n \n 9 \n \n \n (0.7) \n \n \n 0.5 \n \n \n \n \n Tax in relation to cash flow hedges \n \n \n 9 \n \n \n 0.3 \n \n \n (0.7) \n \n \n \n \n   \n \n \n \n \n \n (4.0) \n \n \n (0.9) \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Total comprehensive income for the period \n \n \n \n \n \n 0.5 \n \n \n 68.3 \n \n \n \n \n   \n   \n The notes on pages 22 to 59 form part of these Consolidated Financial Statements. \n   \n   \n   \n   \n \n \n   \n Consolidated Balance Sheet \nAs at 30 March 2025 \n \n \n \n \n \n \n \n Note(s) \n \n \n FY25 \n £m \n \n \n FY24 \n £m \n \n \n \n \n ASSETS \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Non-current assets \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Intangible assets \n \n \n 12 \n \n \n 274.0 \n \n \n 270.0 \n \n \n \n \n Property, plant and equipment \n \n \n 13 \n \n \n 49.6 \n \n \n 59.4 \n \n \n \n \n Right-of-use assets \n \n \n 13 \n \n \n 143.2 \n \n \n 173.5 \n \n \n \n \n Investments \n \n \n 21 \n \n \n 1.0 \n \n \n 1.0 \n \n \n \n \n Derivative financial assets \n \n \n 20 \n \n \n - \n \n \n 0.1 \n \n \n \n \n Deferred tax assets \n \n \n 23 \n \n \n 11.1 \n \n \n 11.2 \n \n \n \n \n   \n \n \n \n \n \n 478.9 \n \n \n 515.2 \n \n \n \n \n Current assets \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Inventories \n \n \n 14 \n \n \n 187.4 \n \n \n 254.6 \n \n \n \n \n Trade and other receivables \n \n \n 15 \n \n \n 62.4 \n \n \n 68.8 \n \n \n \n \n Income tax assets \n \n \n \n \n \n 4.2 \n \n \n 1.2 \n \n \n \n \n Derivative financial assets \n \n \n 20 \n \n \n 1.0 \n \n \n 1.5 \n \n \n \n \n Cash and cash equivalents \n \n \n 16 \n \n \n 155.9 \n \n \n 111.1 \n \n \n \n \n \n \n \n \n \n \n 410.9 \n \n \n 437.2 \n \n \n \n \n Total assets \n \n \n \n \n \n 889.8 \n \n \n 952.4 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n LIABILITIES \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Current liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Trade and other payables \n \n \n 17 \n \n \n (108.9) \n \n \n (92.2) \n \n \n \n \n Borrowings \n \n \n 18 \n \n \n (2.4) \n \n \n (8.4) \n \n \n \n \n Lease liabilities \n \n \n 18, 29 \n \n \n (45.9) \n \n \n (47.0) \n \n \n \n \n Income tax liabilities \n \n \n \n \n \n (1.3) \n \n \n (5.8) \n \n \n \n \n Derivative financial liabilities \n \n \n 20 \n \n \n (0.1) \n \n \n (0.1) \n \n \n \n \n   \n \n \n \n \n \n (158.6) \n \n \n (153.5) \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Borrowings \n \n \n 18 \n \n \n (246.3) \n \n \n (286.3) \n \n \n \n \n Lease liabilities \n \n \n 18, 29 \n \n \n (109.5) \n \n \n (135.3) \n \n \n \n \n Provisions \n \n \n 19 \n \n \n (6.5) \n \n \n (6.3) \n \n \n \n \n Deferred tax liabilities \n \n \n 23 \n \n \n (2.5) \n \n \n (2.8) \n \n \n \n \n   \n \n \n \n \n \n (364.8) \n \n \n (430.7) \n \n \n \n \n Total liabilities \n \n \n \n \n \n (523.4) \n \n \n (584.2) \n \n \n \n \n Net assets \n \n \n \n \n \n 366.4 \n \n \n 368.2 \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n EQUITY \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Equity attributable to the owners of the Parent \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Ordinary share capital \n \n \n 24, 26 \n \n \n 9.6 \n \n \n 9.6 \n \n \n \n \n Treasury shares \n \n \n 25, 26 \n \n \n - \n \n \n - \n \n \n \n \n Hedging reserve \n \n \n 26 \n \n \n 0.7 \n \n \n 0.9 \n \n \n \n \n Capital redemption reserve \n \n \n 26 \n \n \n 0.4 \n \n \n 0.4 \n \n \n \n \n Merger reserve \n \n \n 26 \n \n \n (1,400.0) \n \n \n (1,400.0) \n \n \n \n \n Foreign currency translation reserve \n \n \n 26 \n \n \n 6.6 \n \n \n 9.7 \n \n \n \n \n Retained earnings \n \n \n 26 \n \n \n 1,749.1 \n \n \n 1,747.6 \n \n \n \n \n Total equity \n \n \n \n \n \n 366.4 \n \n \n 368.2 \n \n \n \n \n   \n The notes on pages 22 to 59 form part of these Consolidated Financial Statements. \n   \n The Consolidated Financial Statements on pages 17 to 59 were approved and authorised by the Board of Directors on 4 June 2025 and signed on its behalf by: \n   \n   \n   \n Ije Nwokorie                                                                                                                                          Giles Wilson \nChief Executive Officer                                                                                                                   Chief Financial Officer \n \n Consolidated Statement of Changes in Equity \nFor the 52 weeks ended 30 March 2025 \n \n \n \n \n \n \n \n   \n \n \n Ordinary share capital \n \n \n Treasury shares \n \n \n Hedging reserve \n \n \n   \n Capital redemption reserve \n \n \n Merger reserve \n \n \n Foreign translation reserve \n \n \n Retained earnings \n \n \n Total equity \n \n \n \n \n   \n \n \n Note(s) \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n \n \n At 1 April 2023 \n \n \n   \n \n \n 10.0 \n \n \n - \n \n \n (0.5) \n \n \n - \n \n \n (1,400.0) \n \n \n 12.5 \n \n \n 1,782.2 \n \n \n 404.2 \n \n \n \n \n Profit for the period \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 69.2 \n \n \n 69.2 \n \n \n \n \n Other comprehensive income/(expense) \n \n \n \n \n \n - \n \n \n - \n \n \n 1.4 \n \n \n - \n \n \n - \n \n \n (2.8) \n \n \n 0.5 \n \n \n (0.9) \n \n \n \n \n Total comprehensive income/(expense) for the period \n \n \n \n \n \n - \n \n \n - \n \n \n 1.4 \n \n \n - \n \n \n - \n \n \n (2.8) \n \n \n 69.7 \n \n \n 68.3 \n \n \n \n \n Dividends paid \n \n \n 11 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (57.8) \n \n \n (57.8) \n \n \n \n \n Shares issued \n \n \n 24 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Share-based payments \n \n \n 27 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 4.0 \n \n \n 4.0 \n \n \n \n \n Repurchase of ordinary share capital \n \n \n 24, 25 \n \n \n - \n \n \n (50.0) \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (0.5) \n \n \n (50.5) \n \n \n \n \n Cancellation of repurchased ordinary share capital \n \n \n 24, 25 \n \n \n (0.4) \n \n \n 50.0 \n \n \n - \n \n \n 0.4 \n \n \n - \n \n \n - \n \n \n (50.0) \n \n \n - \n \n \n \n \n At 31 March 2024 \n \n \n   \n \n \n 9.6 \n \n \n - \n \n \n 0.9 \n \n \n 0.4 \n \n \n (1,400.0) \n \n \n 9.7 \n \n \n 1,747.6 \n \n \n 368.2 \n \n \n \n \n Profit for the period \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 4.5 \n \n \n 4.5 \n \n \n \n \n Other comprehensive expense \n \n \n \n \n \n - \n \n \n - \n \n \n (0.2) \n \n \n - \n \n \n - \n \n \n (3.1) \n \n \n (0.7) \n \n \n (4.0) \n \n \n \n \n Total comprehensive (expense)/ income for the period \n \n \n \n \n \n - \n \n \n - \n \n \n (0.2) \n \n \n - \n \n \n - \n \n \n (3.1) \n \n \n 3.8 \n \n \n 0.5 \n \n \n \n \n Dividends paid \n \n \n 11 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n (9.5) \n \n \n (9.5) \n \n \n \n \n Shares issued \n \n \n 24 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n \n \n Share-based payments \n \n \n 27 \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n 7.2 \n \n \n 7.2 \n \n \n \n \n At 30 March 2025 \n \n \n   \n \n \n 9.6 \n \n \n - \n \n \n 0.7 \n \n \n 0.4 \n \n \n (1,400.0) \n \n \n 6.6 \n \n \n 1,749.1 \n \n \n 366.4 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n The notes on pages 22 to 59 form part of these Consolidated Financial Statements. \n   \n \n \n   \n Consolidated Statement of Cash flows \nFor the 52 weeks ended 30 March 2025 \n \n \n \n \n \n \n \n Note(s) \n   \n \n \n FY25 \n £m \n \n \n FY24 \n £m \n \n \n \n \n Profit after taxation \n \n \n \n \n \n 4.5 \n \n \n 69.2 \n \n \n \n \n Add back: \n                   income tax expense \n \n \n 9 \n \n \n 4.3 \n \n \n 23.8 \n \n \n \n \n                   finance income \n \n \n \n \n \n (3.8) \n \n \n (3.0) \n \n \n \n \n                   finance expense \n \n \n 8 \n \n \n 32.0 \n \n \n 32.2 \n \n \n \n \n                   depreciation, amortisation and impairment \n \n \n 12, 13 \n \n \n 76.8 \n \n \n 72.3 \n \n \n \n \n                   other losses/(gains) \n \n \n \n \n \n 0.1 \n \n \n (1.2) \n \n \n \n \n                   currency losses \n \n \n \n \n \n 3.1 \n \n \n 4.2 \n \n \n \n \n                   gain realised on matured derivatives 1 \n \n \n \n \n \n (3.8) \n \n \n (1.5) \n \n \n \n \n                   share-based payments charge \n \n \n 27        \n \n \n 7.2 \n \n \n 4.0 \n \n \n \n \n De...

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