Dr Martens has good year, stays confident despite current uncertainty
Aug 12, 2020
Permira-owned Dr Martens enjoyed an online boost in the year to March 31 that helped its sales and profits surge as its products sold well globally.
The British shoemaker and retailer said revenue rose 48% to £672.2 million and operating profit was up a hefty 110% at £142.5 million. That came on the back of a 51% sales increase in its direct-to-consumer e-tail and stores businesses, which reached revenue of £301.6 million. It was also strong on the wholesale front with a 45% increase to £370.6 million.
The company has 122 stores around the world and said all major markets in which the brand sells reported double-digit revenue growth.
Of course, the figures include only a very short period in which stores were closed due to the pandemic and the current year is likely to take more of a hit due to lockdown measures around the world. But almost all of its stores have now reopened after their enforced closures.
CEO Kenny Wilson said the last financial year was one of “exceptional growth driven by our consumer-first strategy and continuous investment in the business.”
But while he conceded that the current trading environment is “volatile and uncertain”, he said he was confident in the future due to the firm’s “very clear strategy supported by a strong brand and consumer connections”.
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