Comparing the first quarter of 2022 with the same period in 2020, performance was as expected, with retail revenue down 6% for the quarter as a whole and positive in the month of June. In the quarter, Dr Martens achieved strong e-commerce revenue growth of 11% (19% on a constant currency basis). This was against a very high comparative with e-commerce growth in the first quarter of financial year 2021 up triple-digits, given the widespread store closures at that time. On a two-year basis, e-commerce revenue is up 155% (166% in constant currency terms).
All three regions saw growth, although the Americas was a stand-out, recording triple-digit revenue growth. Throughout the quarter, all US stores were open, UK stores opened from mid-April, and Continental Europe stores opened steadily through May and June. Japan remains the most impacted, with stores operating with varying capacity restrictions and a few locations remaining closed. The strongest regional performance was seen in Americas, with revenue up 106% (132% constant currency). EMEA delivered 30% revenue growth (36% constant currency). APAC saw revenues up 17% (30% constant currency), with good growth across all channels.
Outlook
Trading in the first quarter was slightly ahead of Dr Martens’ expectations, with a strong end to the period. The first quarter is reportedly the smallest quarter and so the company expect a much stronger comparative in the next quarter. It anticipates that the pattern of trading through the year will be non-linear and, like many others across the industry, are experiencing inbound shipping delays and other operational challenges due to Covid-19. Despite these, Dr Martens remain confident in the delivery of its guidance for FY22 and over the medium-term.
