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Clothing & Shoes

Dr Martens Q1 revenues soar 52%

Although comparisons on a yearly basis are skewed by FY21’s Covid-19 impact, the Q1 FY22 figure represented a 31% jump when compared to the same period in FY20

Dr Martens has reported revenue growth of 52% year-on-year to £147.3m in the three months ended 30 June 2021.

Although comparisons on a yearly basis are skewed by FY21’s Covid-19 impact, the Q1 FY22 figure represented a 31% jump when compared to the same period in FY20.

While stores in the US were open throughout the quarter, UK shops relaunched from mid-April, Continental European sites opened throughout May and June, and Japanese venues continue to be impacted by ongoing restrictions.

This has resulted in a 6% two-year decline in total retail revenues at the group during the quarter.

However, the British footwear and clothing brand saw e-commerce revenues spike 155% in Q1 FY22 in comparison to FY20.

Kenny Wilson, CEO at the company, said: “We achieved continued growth in ecommerce against a triple-digit growth rate last year and the reopening of our own-stores drove a strong retail recovery through the period.

“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.”

Looking ahead, the group added that it was “confident” of delivering its guidance for FY22 and over the medium-term.

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