Dr Martens posts strong third quarter
Footwear brand Dr Martens has said its third quarter revenue was in line with expectations as it increased by 11% to £307 million year-on-year.
On a two-year basis, sales were up 21% in the three month period ending 31 December.
Looking at the brand’s various regions, EMEA recorded year-on-year growth of 40% whilst revenue in the Americas edged up 4%. Dr Martens said the EMEA performance was driven by solid online growth and the recovery of retail. Meanwhile, the APAC region saw its revenues decline by 28% due to the impact of the Covid-19 pandemic.
The brand also saw a 33% leap in direct to consumer sales via its own stores and website to make up a record 64% of sales in the period. Retail revenue climbed by 72% year-on-year following strong in-store conversion and improved footfall.
During the period, Dr Martens opened 11 new own stores, including two in Italy and four in the US.
Kenny Wilson (pictured), chief executive of Dr Martens, said: “We delivered a good performance during our largest quarter, with direct to consumer revenues growing 33% versus Q3 last year to 64% revenue mix. We continued to put our long-term custodian approach at the heart of decision making and proactively managed the business against a changing Covid backdrop, prioritising the higher margin DTC channels in line with our strategy.”
While February and March are quieter trading months for the brand, it said it remains confident it will achieve its market expectations for the full year.