Dr Martens notches 33% profits rise

Dr Martens update

Dr Martens has recorded rising full year sales and profits thanks to the footwear brand and retailer’s positive performance across Europe.

The British company, owned by private equity firm Permira, posted a 33 per cent rise in operating profit to £50 million in its fiscal year ending March 31.

Meanwhile, revenue rose 20 per cent to £348.6 million and like-for-like sales grew seven per cent.

Dr Martens was boosted by its performance in its Europe, the Middle East and Africa market where revenue increased 32 per cent to £155.9 million and operating profit surged by 45 per cent to £24.9 million.

“We’ve delivered another set of strong results with broad-based growth across all regions and channels and double-digit revenue and EBITDA performances,” chairman Paul Mason said.

“This, in the context of the wider macroeconomic uncertainty that exists in a few of our key markets, is testament to both the strength of our brand, our heritage and consumer proposition and the execution of our strategy.

“There is still significant scope for growth across our markets, particularly via our direct-to-consumer channels, and this will remain a strategic priority in the years ahead.”

Chief executive Kenny Wilson, who took up the helm after leading Cath Kidston, added that Dr Martens’ opportunity for growth was significant.

Direct-to-consumer revenue was up 26 per cent to £140.7 million and the company plans to build on this, as well as opening new stores.

During the financial year, Dr Martens opened 25 new stores, including nine in the UK.

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