Thursday 29 July 2021 8:12 am

Boots, boost: Doc Martens profits up with stores reopening

Dr. Martens saw a strong first quarter with a significant increase in revenue, even compared to pre-pandemic levels, due to the reopening of stores and continued digital growth.

The British bootmaker a revenue of £147.3m for the three months to June 30, a 52 percent increase compared to the same period last year and 31 per cent compared to the same quarter in 2019.

Shops reopening across the US and Europe boosted retail sales, trippling retail revenue compared to last year’s numbers. Online sales saw 11 per cent growth, against the high increase in ecommerce when most markets were in lockdown in 2020.

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In the Asia-Pacific region, revenue increased by slow 17 per cent – compared to 106 per cent growth in America and 30 per cent in EMEA – due to Japan, its largest market, still imposing significant coronavirus restrictions in retail.

The company also reported strong performance in their wholesale business as shipment timings and order patterns were normalised, leading to a 50 per cent increase in revenue, but against a weak comparative as wholesale orders were rescheduled from the first to the second quarter last year.

“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,” said chief executive officer Kenny Wilson.

“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.”

Dr Martens reported on its first full quarter earnings after listing on the London Stock Exchange at the end of January this year.