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Dr. Martens Earnings Preview – What to Expect

Sam Boughedda trader
Updated 21 Nov 2022

Dr. Martens is set to publish its FY23 half-year results on Thursday, November 24, and with its share price down 33% this year, investors will be looking for something to cheer.


Although there has been a significant decline in Dr. Martens stock price in 2022, it has managed to gain ground since its May low, up 48% in the last six months.

In a trading statement released in mid-July, Dr. Martens reiterated its full-year guidance, telling investors that trading had been in line with its expectations.

The company sees FY23 revenue growth in the high teens, with price expected to offset inflation through the P&L. In addition, in its previously announced medium-term FY23 guidance, the company said it expects e-commerce to grow to at least 40% mix, with total DTC, including retail, of at least 60% mix, with EBITDA margin forecast to reach 30% in the medium term.

Meanwhile, RBC Capital analyst Piral Dadhania reiterated an Outperform rating and 350p price target on Dr. Martens shares in a note last week.

Dadhania told investors that DOCS should be “well underpinned,” with the company's full-year guidance implying a “step up in second-half margins ahead of normal margin seasonality.”

According to TipRanks, out of three analysts they track with ratings on the stock, two have assigned a Buy rating to Dr. Martens shares, with one analyst at Hold. The average price target is 325.33p, representing a potential 13.5% upside from current levels.

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.