Dr Martens report strong rise in profits

Dr Martens have reported a strong growth in sales, with profits increasing by a third.

The Northamptonshire-based company saw a surge in demand across Europe and the Middle East and reported a 20% rise in sales to £348.6 million.

“This has been a fantastic year for Dr Martens,” said Paul Mason, the chairman of Dr Martens.

The chairman added that there was 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”.

High-profile influencers that have been spotted wearing the iconic boots over the year include David Beckham, Kanye West and Gigi Hadid.

“We’ve delivered another set of strong results with broad-based growth across all regions and channels and double-digit revenue and ebitda [pre-tax earnings] performances,” said Mason.

“This, in the context of the wider macroeconomic uncertainty that exists in a few of our key markets, is testament to both the strength of our brand, our heritage and consumer proposition and the execution of our strategy.”

The brand was launched in 1960 and largely adopted by skinheads, a 60s youth subculture.

Kenny Wilson was appointed this year as the group’s new chief executive.

Dr Martens has opened 25 new stores over the past year, nine of which are in the UK. The brand operates 94 locations around the world.

According to Red Hot Penny’s Social Scorecard study, the brand has the most effective Instagram in UK retail.

The fashion retailer is owned by Permira, a European private equity firm, which bought the brand back in 2014.

The impressive results show that the brand is bucking the current high street trend, which has been experiencing a downturn in recent years.

 

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