// Dr Martens posts rise in annual sales and profits
// Revenue rose 48% and smashed £672m in the year to March 31
// Dr Martens said it had achieved a ”balanced global performance”
Dr Martens has seen its yearly sales and profits rise thanks to a strong online performance.
In the year to March 31, the footwear retailer recorded a revenue rise of 48 per cent to £672.2 million, while operating profit surged by 110 per cent to £142.5 million.
Dr Martens said its direct-to-consumer businesses recorded a total sales rise of 51 per cent to £301.6 million.
- Dr Martens owner among investors bidding for Gymshark stake
- Dr Martens on brink of being sold for £300m
Wholesale was ahead with a 45 per cent rise to £370.6 million.
Dr Martens said it had achieved a ”balanced global performance with all major markets reporting double-digit revenue growth”.
The retailer had to temporarily close its stores towards the end of its financial year as the coronavirus pandemic struck the UK, but it has since opened almost all stores.
“We have delivered another year of exceptional growth driven by our consumer first strategy and continuous investment in the business,” Dr Martens chief executive Kenny Wilson said.
“Our performance demonstrates the resilience and strength of our brand at a time of great uncertainty.
”The last few months have been a very challenging time for everyone and I am extremely proud of the resilience and commitment our teams have shown, which has enabled us to continue delivering for our customers throughout the pandemic.
”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.”
Last month, the private equity owner of Dr Martens, Permira joined the list of investors looking to snap up a stake in online sportswear retailer Gymshark.
The sale process for the minority stake in Gymshark is being run by PwC.