// Dr Martens profits slip despite a rise in sales in the six months to September 30
// The business sold 6.3 million pairs of boots, shoes, and sandals during the period
Dr Martens has witnessed a drop in profits despite a double-digit sales growth, as it boosts investment in new stores.
The footwear retailer recorded a 5% fall in pre-tax profit to £57.9 million during the six months to September 30, while EBITDA was flat year on year at £88.8 million.
The business sold 6.3 million pairs of boots, shoes, and sandals, up 400,000 on an underlying basis compared with the same period of 2021, with sales increasing in all three of the group’s key regions, North America, EMEA and APAC.
The results would have been even stronger but £10 million of revenue from EMEA wholesale partners slipped from September to October due to strikes at the Port of Felixstowe and labour shortages at a Dutch distribution centre.
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Dr Martens is currently in the process of transferring control of 14 of the 31 Dr Martens branded franchise stores in Japan to directly operated stores.
The retailer opened 21 new stores in the period, creating more than 250 jobs globally, and expects to open a further 13-15 in the second half.
The new stores helped the company deliver its strategy, selling more product through its own stores and website, with sales direct to consumers via its own channels jumping 21% year-on-year to £179.8 million.
“This has been another good period of progress in delivering our strategy of selling more pairs of boots, shoes and sandals direct to consumers via our own stores and website,” CEO Kenny Wilson said.
“We have seen good growth in all three key regions, and we continued to invest in the brand and growing our global footprint.”
