Dr. Martens delivers year of ‘exceptional’ growth
Footwear brand Dr. Martens increased its revenue by 48% to £672.2 million in the year to 31 March as its underlying EBITDA climbed by 93%.
The company said the uplifts were a result of strong double-digit growth across all of its key regions and its success in growing its direct to consumer channels. Operating profit rose by 110% to £142.5 million in the period.
During the year, Dr. Martens opened 16 new shops to bring its total of number of owned stores to 122 across the world.
Kenny Wilson, chief executive of Dr. Martens, said: “We have delivered another year of exceptional growth at Dr. Martens driven by our consumer first strategy and continuous investment in the business. Our performance is testament to the hard work and dedication of our teams and demonstrates the resilience and strength of our brand at a time of great uncertainty.”
Giving an update on the effect of the Covid-19 pandemic, the company said it resulted in all Dr. Martens stores in EMEA, the US and Japan closing in mid to late March, although stores in Hong Kong and South Korea continued to trade, as did its third-party stores in China. While nearly all stores have now reopened, Dr. Martens said strong growth in ecommerce revenue has meant that the pandemic has only had a modest impact on overall trade.
Wilson said the last few months had been very challenging but added: “Looking ahead, while we are currently in a volatile and uncertain trading environment, we have a very clear strategy in place supported by a strong brand and consumer connections, and I am confident in the outlook for the business.”
