Link investor

Dr. Martens CEO ‘pleased’ with half-year results

The CEO of iconic British brand Dr. Martens is “pleased to report another set of strong results” for the first half of its fiscal year in which the company opened 21 new stores.

According to the interim results for the six months to September 30, 2022, rrevenue rose while profits slipped.

During the period, when the consumer environment weakened, revenue reached £418.6 million for the Northamptonshire-based company, compared to £369.9 million in the first half of the year. last year.

Pre-tax profit meanwhile slipped to £57.9m from £61.3m.

The company said it made a proactive decision to continue its targeted investments for the future rather than reducing investments for short-term profit.

Kenny Wilson, Managing Director, said: “I am pleased to report another set of strong results spanning the first half of our fiscal year. Underlying revenue growth was 18% and the EBITDA margin was in line with our guidance. I would like to thank everyone at Dr. Martens for their hard work and dedication over the past six months in achieving these results.

“Our growth is driven by the successful execution of our DOCS strategy, led by the DTC-first approach, with DTC revenue up 21%. At the heart of our continued success is the strength of our brand, highlighted by underlying pair growth and continued improvement in brand metrics.We have additional pricing room for AW23, so we will again offset cost inflation.

“While there are economic challenges ahead, we are well positioned for future growth. We will continue to drive growth investments to implement the DOCS strategy, primarily in new stores, marketing, human resources, technology and inventory. Reflecting our confidence in the future, our balanced global revenues and our strong balance sheet, the board has decided to increase the interim dividend by 28% to 1.56 pence per share.