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Dr. Martens reports 48% revenue increase

Tom Shearsmith
12 August 2020

Dr. Martens increased its revenue by 48% to £672.2 million in the year to 31 March, as its underlying EBITDA climbed by 93% to £164.4m.

The company reported that wholesale revenue increased by 35% to £370.6 million, while its direct-to-consumer businesses recorded a total sales rise of 51% to £301.6 million.

It said that the wholesale performance demonstrated the successful implementation of its strategy of repositioning wholesale accounts to focus on larger “best fit, partner” accounts and "shop in shop" trials.

During the last 12 months, Dr. Martens opened 16 stores, including five in EMEA (Europe, the Middle East and Africa), five in the Americas and six in APAC (Asia-Pacific), bringing its global store portfolio to 122.

The company also opened a new third-party distribution centre in The Netherlands.

Kenny Wilson, CEO of Dr. Martens, said: “We have delivered another year of exceptional growth at Dr. Martens driven by our consumer first strategy and continuous investment in the business. Our performance is testament to the hard work and dedication of our teams and 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."

Continued strong growth in the brand's e-commerce revenue during temporary store closures allowed for a modest overall result, with only some impact from the store closures to date.

The brand concluded with a statement: "We have delivered another year of excellent growth for 2019/20 and our strategy continues to focus on driving sustainable growth across our markets and channels. Our relentless focus on our customers and our DTC channel mix means we are well placed to maintain sustainable, global growth.

"We remain confident in the strength of the Dr. Martens brand and continue to believe the future outlook for the business is very strong."

Given the strong performance Wilson said that the company would be paying back furlough funds to the Government saying it was the “morally right” thing to do.

“We made sure we would have significant liquidity and could pay everyone, so when we saw positive sales continue we knew we had to repay that. So far this financial year, we have maintained growth as e-commerce has offset losses elsewhere," the told the PA news agency.

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