Dr Martens Q3 revenues hit £307m

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.”