In its first results as a listed company, Dr Martens reported a jump in full-year revenue and earnings on Thursday thanks to solid online sales, as it reiterated its medium-term guidance.
In the year to 31 March 2021, revenues rose 15% to £773m. However, pre-tax profit fell 30% to £70.9m, dented by £80.5m of costs related to the group’s IPO. Stripping out the cost of the float, pre-tax profit was 34% higher at £151.4m.
Earnings before interest, tax, depreciation and amortisation rose 22% to £224.2m.
The iconic boot brand hailed “strong” growth across all regions, with revenue in EMEA and the Americas up 17% and Asia Pacific revenue 7% higher. Meanwhile, ecommerce revenues were ahead 73% and made up 30% of the mix. This helped to offset a 40% decline in retail revenues, which were hit by store closures and restrictions related to the Covid-19 pandemic.
Dr Martens said the guidance set out at the time of the IPO remains unchanged, for both FY22 and over the medium-term. For FY22, it continues to expect high teens revenue growth year-on-year. From FY23 and over the medium-term, it expects mid-teens revenue growth.
Chief executive officer Kenny Wilson said: “The investments and improvements we made in our supply chain in recent years, along with our multi-country sourcing model and close supplier relationships allowed us to quickly react to a rapidly changing environment, ensuring minimal disruption and maintaining good availability throughout.
“Our product durability and timeless design are rooted in a sustainable, long-term approach, and our brand custodian philosophy continues to guide the decisions we take. This underpins the financial guidance we laid out at the time of the IPO which is unchanged. Whilst the global trading environment remains uncertain, the strength of our iconic global brand means we look to the future with confidence.”
