Dr Martens strides ahead, American market grows fastest

Dr Martens continued its run of strong performances in the latest quarter and on Thursday the footwear specialist reported a 52% rise in group revenue for the three months to June 30

Importantly too, the company said it “achieved continued growth in e-commerce against a triple-digit growth rate last year and the reopening of our own-stores drove a strong retail recovery through the period”.

It also saw a return to more “normalised” wholesale shipments over the period.

And while Q1 is always its smallest period (being the end of the Spring/Summer season), its larger Autumn/Winter season starts from Q2 and its performance to date “gives us confidence for the remainder of the year”, CEO Kenny Wilson said.

So, let’s look at the numbers. Q1 group revenue reached £147.3 million, which was up 52% compared to the same quarter in 2020, and up 64% on a constant currency basis.

But while the comparisons with 2020’s admittedly difficult period undeniably flattered the figures, on a two-year comparison, revenue was up an impressive 31% on a reported basis and 40% in constant currency.

The “significantly altered picture” concerning stores this time round resulted in retail revenue more than tripling year-on-year. And the performance of its stores improved as the quarter progressed, “particularly those in the US and provincial UK”.