Dr Martens revenue grew as expected in FY2021

United Kingdom
Published:  18 June, 2021
Credit: Dr Martens

The iconic British footwear brand has released its preliminary results for the year ended March 31, 2021, which showed strong growth across all regions. 

As expected, Dr Marten’s revenue grew 17% in both EMEA and Americas, and 7% in APAC. In APAC (Asia/Pacific), the company saw slower growth in Japan, the largest country in the region, due to the higher physical retail mix which was significantly impacted by Covid-19. Revenue in China grew by 46%.
E-commerce revenue was up 73%. Retail impacted by Covid-19 store closures and restrictions saw revenue down 40%.

Gross margin grew to 60.9%, predominantly due to faster delivery of supply chain efficiencies and EBITDA margin grew to 29%, driven by gross margin performance.
Building on the extensive work to date, Dr Martens are soon to be announcing the launch of a set of ambitious sustainability targets, including net zero by 2030 and, without compromising quality, all footwear made from sustainable materials by 2040.

Outlook

The guidance set out at the time of the IPO remains unchanged, for both FY22 and over the medium-term. In FY22, Dr Martens expect high teens revenue growth year-on-year, as it laps the Covid-19 impact experienced in FY21. From FY23 and over the medium-term, the company anticipate mid-teens revenue growth.

Dr Martens expect to begin paying a dividend in FY22. Trading since the year end has been in line with its expectations and it will provide an update on the first quarter trading performance on July 29, 2021.