Dr. Martens reports pre-tax profits increase of 46% in H1
Footwear brand Dr. Martens has reported revenue grew 16% to £369.9 million in H1 2021, ending 30 September, with pre-tax profits up 46% to £61.3 million.
Retail revenue increased 92%, rising 2% on a two-year basis. Ecommerce revenue also continued to rise, growing 10% to 22% - doubling the level seen in the same period in 2019.
Revenues grew 57% in America and 12% in EMEA (Europe, the Middle East and Africa), but only 4% in Asia-Pacific, with COVID-19 restrictions continuing to impact the region.
Wholesale revenue was up 6%, with £20 million of revenue delayed from Q2 into the second half, predominantly in relation to America.
Kenny Wilson, Dr. Martens Chief Executive Officer, commented: "Our strong performance in the first half is a testament to the strength of out business model, the under penetration of our brand globally, our agility in adapting to changing conditions and the passion and dedication of our people. We continue to take a long-term custodian approach to growing the brand, prioritising DTC channels and our seven priority markets.
"We took the decision to enter the year with higher inventory levels, made possible by the continuity and carryover nature of our product and our partnership approach to supplier relationships. This meant that DTC availability levels remained relatively high and gross margin was not impacted, despite the supply chain disruption and global sipping delays experiences across the industry.
"Our strong first half performance combined with the continued momentum in DTC trading into the second half gives us confidence in achieving market expectations for the full year. I remain hugely excited about the growth of the Dr. Martens brand."