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Dr Martens has reported revenue growth of 11% to £307m for the three months ending 31 December 2021 (Q3 FY22), up 21% on a two-year basis which is reportedly in line with the company’s expectations.
Total group revenues for the full year rose by 14% to £676.9m, with direct to consumer (DTC) revenues growing 33% year-on-year and by 50% from pre-Covid levels.
Q3 retail revenues also “accelerated” compared to the prior quarters, up 72% year-on-year and up 16% from FY20, with “strong” in-store conversion and “improved” footfall.
Meanwhile, wholesale revenues were down 14% year-on-year and down 10% from FY20, due to manufacturing and shipping delays caused by Covid.
Ecommerce revenues also grew “strongly” in addition to a “very good” recovery of retail, resulting in improved DTC mix, up 10 points to 64%.
By region, EMEA recorded “strong” growth with revenues up 40%, which Dr Martens said was driven by ecommerce growth and the recovery of retail, together with a “good” wholesale performance.
The Americas also delivered a “solid” Q3 performance which was partially offset by wholesale. However, Asia-Pacific (APAC) revenues fell by 28% due to the renewed Covid restrictions across the region, particularly impacting the company’s distributor markets.
Kenny Wilson, chief executive officer, said: “We delivered a good performance during our largest quarter, with DTC revenues growing 33% versus Q3 last year to 64% revenue mix.
“We continued to put our long-term custodian approach at the heart of decision making and proactively managed the business against a changing Covid backdrop, prioritising the higher margin DTC channels in line with our strategy.”
He added: “We remain confident in achieving market expectations for the full year and I would like to thank everyone at Dr. Martens for their exceptional hard work and dedication.”
