Business

Dr. Martens reports strong annual sales and profit growth

by Prachi Singh
12 Aug 2019

In it statement for the full year ending March 31, 2019, Dr. Martens said that the company achieved 30 percent rise in revenue to 454.4 million pounds (549 million dollars) and 70 percent EBITDA growth to 85 million pounds (102.6 million dollars), with strong double digit sales rise across all key regions and channels, in particular e-commerce. The company added that DTC revenue rose by 42 percent to 199.4 million pounds (241 million dollars), with retail revenue growing by 30 percent to 126.7 million pounds (153 million dollars) and e-commerce by 67 percent to 72.7 million pounds (87.8 million dollars). The company’s like-for-like retail revenue was up 18 percent during the period under review, while wholesale revenues increased 23 percent.

Commenting on the company’s full year trading, Kenny Wilson, CEO of Dr. Martens, said: “By putting consumers first, accelerating our DTC expansion and improving our operational performance we have delivered double digit revenue growth in all of our key markets and strong EBITDA performance. In my first year as CEO I have had the opportunity to work alongside our incredibly passionate and talented people. We look forward to the year ahead, during which we expect to deliver continued strong growth and accelerate the many positive trends seen in the past year.”

Dr. Martens reports strong performance across key geographies

Dr. Martens’ revenue in EMEA was up 32 percent to 206.2 million pounds (249 million dollars) and EBITDA increased 74 percent to 43.4 million pounds (52.4 million dollars). Revenue in DTC channels grew by 41 percent with retail up 33 percent and e-commerce up 56 percent, while like-for-like retail revenue increased by 12 percent on a constant currency basis. The region opened eight new stores including three in Germany, two in France, two in the UK and one in the Netherlands, bringing the total company-owned store count to 36 in the UK and 21 in Continental Europe. Wholesale revenue grew by 26 percent with good growth across all countries.

Revenue in the Americas was up 37 percent to 161.1 million pounds (194.5 million dollars) and EBITDA was up 78 percent to 33 million pounds (39.8 million dollars). The company’s DTC grew sales by 48 percent with like-for-like retail revenue growth of 30 percent. The region opened four new stores including two in New York and two in Los Angeles. Ecommerce sales during the year were up 56 percent, while wholesale revenue increased by 31 percent.

The company posted 16 percent sales rise in Asia to 87.1 million pounds (105.2 million dollars) and EBITDA increase of 16 percent to 19.8 million pounds (24 million dollars), largely driven by another strong year in Japan. Japan witnessed revenue growth of 45 percent to 41.6 million pounds (50.2 million dollars). Dr. Martens opened six new stores taking the total to 17 company-owned stores, with like-for-like sales up 11 percent. E-commerce sales grew by 71 percent and wholesale sales by 41 percent.

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Picture credit:Finsbury Group