Iconic UK footwear brand Dr Martens posted a 46% rise in interim profits, driven by a recovery in physical stores sales as they reopened from Covid curbs while online sales also performed strongly.
The company, famed for its lace-up boots, on Thursday said the momentum seen in retail in the first half continued to strengthen during October and November, as it reiterated annual guidance, but warned that its US wholesale business continued to be impacted by shipping delays and uncertainty around the timing of shipments being processed through ports.
“We expect these to continue into the next financial year. We remain confident in achieving market expectations for full-year 2022. This assumes that we do not experience material country-wide lockdowns on either the demand or supply side for a significant period of time.”
Pre-tax profit rose to £61.3m from £41.9m on a 16% rise in revenue to £370m.
Dr Martens forecast medium-term mid-teens revenue growth from 2023 and targeted ecommerce to grow to at least 40% mix, with total direct-to-consumer, including retail, of at least 60% mix.
Its medium-term target of a 30% core earnings margin was also unchanged.
