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Dr Martens sales and profits soar

Group revenue at Dr Martens was up 30% to £454.4m for the year to 31 March, as EBITDA jumped 70% to £85m.

The footwear business said it had strong double-digit growth across all key regions and channels, particularly online.

Retail like-for-like revenue was up 18% on the previous year, online revenue was up 67% to £72.7m and wholesale revenue was up 23% to £255m. Direct-to-consumer channels now represent 44% of total revenue, up from 40% in 2018.

EBITDA margin was up 4.4% on last year to 18.7%.

During the year, the business opened 20 new stores in key target locations including eight across Europe (three in Germany, two in France, two in the UK and one in the Netherlands), four in the US (in New York and LA), six in Japan and two in Hong Kong, taking the total store count to 109.

Kenny Wilson, CEO of Dr Martens, said several factors contributed to the business’s success, including investment in systems and people, having the right product and increasing its direct to consumer focus.

“The brand, although well known, is still a relatively small business. We are taking the brand to more consumers. We have a simple strategy but it has been successful in every country and we have taken greater control over our own destiny by expanding our direct to consumer.”

Online sales now make up 16% of total sales and will likely increase to 30% over the coming years.

Despite a tough UK market, Wilson said Dr Martens had “bucked the trend”: “We had double digit like-for-like growth and our UK online sales were up more than 50%, we also had good wholesale growth. These are uncertain times, but we are performing well and have been trading strongly since year end.”

A total of 77% of revenue is now generated outside the UK. Wilson said this will help the business weather any Brexit headwinds: “We opened a new distribution centre in the Netherlands this year to support our European Union business, so product will be shipped to and from there (for Europe). When times are uncertain you need to make your own certainty. We are continuing to invest in stores, people and systems: we are prepared no matter what happens.”

 

 

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