New stomping grounds: Dr Martens posts strong growth after opening 25 new stores last year
Dr Martens’ new chief executive said there is room for further growth as the company posted strong results for the financial year, opening 25 new stores.
The iconic footwear brand increased revenue by 20 per cent to £349m, while growing operating profit by a third to £50m.
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Despite worries on the high street, like-for-like retail sales increased seven per cent, while wholesale grew by 16 per cent to £208m for the year ending March.
However, the company’s online presence performed better still, increasing 35 per cent to £44m, while sales direct to customers from its 94 stores and online grew by a quarter.
Chairman Paul Mason said: “There is still significant scope for growth across our markets, particularly via our direct to consumer channels, and this will remain a strategic priority in the years ahead.
“We will continue to focus on our four strategic pillars of focusing on our product, consumer centricity, balanced global growth and operational efficiency.”
Chief executive Kenny Wilson, who took over the private-equity owned brand in May, said: “Dr Martens has delivered another outstanding year. We are an iconic brand that does things in our own unique, disruptive way and that is unifying our consumers across the globe.
“The business’ investment in our DTC channels, both in terms of retail stores and E-commerce, is bearing fruit, and these will remain priority channels for us.
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“My first few months at the business have been thoroughly inspiring and I look forward to getting to know more of the team over the coming months as we work hard towards delivering our ambitious strategy.
“We have an amazing culture and the opportunity for growth is significant.”