Dr. Martens reports strong revenue and profit growth

Total full year revenue at Dr. Martens grew by 48 percent to 672.2 million pounds (877 million dollars), with very strong growth across all channels. The company said in a statement that underlying EBITDA grew by 93 percent to 164.4 million pounds (214.5 million dollars), and reported EBITDA was 184.5 million pounds (240.7 million dollars). The company’s DTC revenue rose by 51 percent to 301.6 million pounds (393.5 million dollars), while wholesale revenue increased by 45 percent to 370.6 million pounds (483.7 million dollars.

Commenting on the company’s full year trading performance, Kenny Wilson, CEO 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. 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.”

Dr. Martens posts strong growth across core markets

Dr. Martens continued its strong performance in EMEA, with total revenue for the financial year up 48 percent to 287.9 million pounds (375.8 million dollars) and underlying EBITDA up 108 percent to 82 million pounds (107 million dollars), while reported EBITDA was 92.4 million pounds (120.6 million dollars). The company’s revenue in DTC channels grew by 57 percent and it opened five new stores in the region including three in Germany, one in France and one in the UK, bringing the total number of company-owned stores to 62. Dr. Martne’s wholesale revenue grew by 39 percent.

The company’s revenue growth in the Americas was 57 percent to 252.7 million pounds (330 million dollars), while underlying EBITDA rose 108 percent to 68.6 million pounds (89.5 million dollars) and reported EBITDA reached 75.4 million pounds (98.4 million dollars). The company’s DTC revenue in the region was up 43 percent and it opened five new stores across the region during the year including one in Las Vegas, one in Miami and three in Los Angeles. During the year wholesale revenue grew by 65 percent.

Revenues in APAC increased 35 percent to 132.1 million pounds (172.5 million dollars), driven by very strong DTC growth in all our major markets. Underlying EBITDA grew by 38 percent to 32.6 million pounds (42.5 million dollars), while reported EBITDA was 35.5 million pounds (46.3 million dollars). During the year, four new stores were opened in Japan.

The COVID-19 pandemic, which unfolded during the final quarter of the financial year, resulted in all Dr. Martens stores in EMEA, the U.S. and Japan closing in mid to late March, with almost all stores now reopened. During this time Dr. Martens stores in Hong Kong and South Korea continued to trade, as did its third-party stores in China, which had recently re opened. In the period since stores closed, Dr. Martens said, it has seen continued strong growth in e-commerce revenue, resulting in a modest overall impact from the store closures to date.

Picture:Dr. Martens through Finsbury