Dr. Martens posts Q3 revenues growth of 11 percent

Third quarter group revenue at Dr. Martens was 307 million euros, up 11 percent or 15 percent on a constant currency basis. On a two-year basis, revenue was up 21 percent.

The company delivered DTC revenue growth of 33 percent and 50 percent on a two-year basis. Ecommerce grew strongly in addition to a very good recovery of retail, resulting in improved DTC mix, up 10 pts to 64 percent.

“We delivered a good performance during our largest quarter, with direct to consumer (DTC) revenues growing 33 percent versus Q3 last year to 64 percent revenue mix. We remain confident in achieving market expectations for the full year,” said Kenny Wilson, chief executive officer of Dr. Martens.

Dr. Martens sales improve through ecommerce and retail channels
The company’s ecommerce revenue increased 16 percent and was up 85 percent on a two-year basis. In the quarter, ecommerce revenue mix improved by 2pts to 39 percent, which represents 30 percent revenue mix YTD.

Retail revenue was up 72 percent year-on-year and up 16 percent compared to year before last year with strong in-store conversion and improved footfall. In the period, Dr. Martens opened 11 new company-owned stores, including two stores in Italy and four stores in the USA. At the end of Q3, the company had 158 stores globally, having opened 24 year-to-date.

Wholesale revenues were down 14 percent year-on-year and down 10 percent on a two-year basis.

The company’s sales in the EMEA region rose 40 percent or 45 percent in constant currency driven by ecommerce growth and recovery of retail, together with a good wholesale performance. In the Americas, revenue was up 4 percent or 6 percent on constant currency, while APAC revenues were most impacted by Covid, with revenue declining by 28 percent or 24 percent on a constant currency basis.