Dr Martens Q1 revenues jump, trading 'slightly ahead'
By Michele Maatouk
Date: Thursday 29 Jul 2021
(Sharecast News) - Iconic boot maker Dr Martens said on Thursday that revenues jumped in the first quarter, with trading "slightly" ahead of its expectations and growth across all regions.
In the three months to the end of June, revenue rose 52% year-on-year to £147.3m. This performance was against a Covid-19 impacted comparative figure, with revenues in the same quarter of the previous year down 14%. On a two-year basis, revenue was 31% higher.
There was an encouraging recovery of retail, good growth in ecommerce against a very strong comparative and a strong wholesale performance as order patterns normalised, the company said.
All three regions saw good growth, although the Americas was the standout performer, recording 106% growth in revenue.
Throughout the first quarter, all of its US stores were open, while UK stores reopened from mid-April. Stores in Continental Europe opened steadily through May and June.
Chief executive officer Kenny Wilson said: "We achieved continued growth in ecommerce against a triple-digit growth rate last year and the reopening of our own-stores drove a strong retail recovery through the period. In addition, we saw a return to more normalised wholesale shipments over the period.
"The first quarter of the year is always our smallest period, being the end of the Spring/Summer season. Our larger Autumn/Winter season begins from Q2 and our performance to date gives us confidence for the remainder of the year. We will continue to take a long-term custodian mindset, investing into our business and making decisions to drive the brand for the decades to come."
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