Dr Martens revenue up as it expands Asia sales
British footwear brand Dr Martens posted revenues up 25% to £290.6m in the year to the end of March helped by a strong performance from Asia, where sales grew by 43% to £66.4m.
The business has been expanding its retail operations and opened 18 new stores globally, bringing its total store portfolio to 71. In Asia, which now accounts for almost a quarter (23%) of total revenue, it increased its concessions in South Korea from 44 to 54 and enjoyed a strong sales performance in Japan, where it now operates seven stores having opened five more. It also opened two stores in Hong Kong.
Elsewhere the brand opened one store on New York’s Herald Square and it recently opened a new experiential concept store in Camden, North London, as well as upgrading its European HQ in the area. This year it anticipates its rate of openings will increase to between 20 and 25.
EBITDA was up 27% to £37.5m thanks to investment in new stores, ecommerce (which achieved a 54% increase in sales to £32.4m) and new products such as its DM’s Lite range.
Chairman Paul Mason, who is acting as CEO on an interim basis following the recent departure of Steve Murray, said: "Despite a challenging retail environment, we have delivered double-digital growth across all areas of the business and continue to see the investments in our people, structure and operations as an integral part of our aim to deliver long-term sustainable growth."
