{"id":224300,"date":"2023-01-19T09:00:26","date_gmt":"2023-01-19T09:00:26","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=224300"},"modified":"2023-01-19T19:34:45","modified_gmt":"2023-01-19T19:34:45","slug":"dr-martens-sees-disappointing-q3-results-due-to-distribution-centre-glitches","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/dr-martens-sees-disappointing-q3-results-due-to-distribution-centre-glitches\/","title":{"rendered":"Dr. Martens sees disappointing Q3 results due to distribution centre glitches"},"content":{"rendered":"

British footwear retailer Dr. Martens<\/a><\/span> saw small global revenue growth in Q3 due to 'operational issues' at its new distribution centre in LA.<\/strong><\/p>\n

Q3, which ended 31 December 2022, saw total revenue rise by 9%, largely driven by an 11% growth in DTC trading. Dr. Martens confirmed that sales in Europe, Middle East and Africa, as well as Asia-Pacific, matched expectations.<\/p>\n

Revenue was \"below expectations\" due to slower than anticipated direct-to-consumer growth in America and the impact of significant operational issues, including a bottleneck in LA caused by excess inventory arriving and being stored at the distribution centre.<\/p>\n

Dr. Martens<\/a> estimates that lost wholesale revenue and incurred costs as a result of operational issues will reduce FY23 EBITDA by \u00a316-25 million, depending upon the pace at which the issues are resolved.<\/p>\n

Year-to-date, total revenue at Dr. Martens has grown 12%, largely driven by retail operations, which saw a 29% growth.<\/p>\n

Kenny Wilson, Chief Executive Officer, commented: \u201cDemand for Dr. Martens remained resilient through challenging conditions during our peak trading period of Q3.<\/p>\n

\u201cHowever, due to a combination of significant operational issues creating a bottleneck at our new LA distribution centre and weaker than anticipated US DTC trading, in part due to unseasonably warm weather, we now expect full-year revenue growth of 11-13% on an actual currency basis and full year EBITDA to be between \u00a3250m and \u00a3260m.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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