In the most recent quarter, Dr Martens, a specialist in footwear, experienced a significant boost in performance with a remarkable 52% increase in group revenue. The company’s success can be attributed to the continued growth in e-commerce, a strong recovery in retail as its own stores reopened, and a return to more normalized levels of wholesale shipments. CEO Kenny Wilson expressed confidence in the remaining months of the year, particularly with the start of the larger Autumn/Winter season in Q2.

During Q1, Dr Martens achieved a notable group revenue of £147.3 million, representing a 52% increase compared to the same period the previous year. When considering constant currency fluctuations, the revenue increase jumps to an impressive 64%. In comparison to a two-year period, the reported revenue showed a 31% increase, and in constant currency terms, there was a 40% rise.

Retail revenue saw an even more impressive growth as it tripled year-on-year, with a continuous improvement throughout the quarter, particularly in the US and provincial UK markets. However, when looking at the figures over a two-year period, retail revenue actually decreased by 6% for the quarter. On the other hand, e-commerce revenue reported an 11% increase year-on-year, with an outstanding 155% boost over a two-year period.

Wholesale revenue also performed exceptionally well in the latest quarter, experiencing a 50% year-on-year increase and a 64% rise in constant currency terms. The Americas region contributed significantly to this growth, with strong shipments. Over a two-year period, wholesale revenue showed a 23% increase in reported figures, and 30% in constant currency terms.

Dr Martens witnessed growth across all regions, with the Americas leading the way with triple-digit revenue growth. Throughout the first quarter, all US stores remained open, while stores in the UK and Continental Europe gradually reopened. In the EMEA region, revenue rose by 30% as stores reopened, e-commerce remained strong, and wholesale performance was positive. APAC revenues also showed a solid increase of 17%, with growth across all channels.

Although Japan continues to be the most impacted market for Dr Martens, with varying capacity restrictions and some store closures, the company’s overall performance is better than in the previous year when most stores were shut down or subject to Covid-19 restrictions.

Looking ahead to Q2, Dr Martens anticipates some disruptions and operational challenges due to the ongoing Covid-19 pandemic. However, the company remains confident in meeting its guidance for FY22 and maintains a positive outlook for the medium-term future.

Useful links:
Dr Martens Official Website
Dr Martens Reuters Profile