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Robust year for Dr. Martens

Oct 24, 2018 / United Kingdom
Robust year for Dr. Martens
The iconic British brand announced double digit revenue and EBITDA growth across all regions, with the EMEA region performing very strongly. Dr. Martens has made significant progress against all strategic priorities, particularly in growing its Direct to Consumer channels
“This has been a fantastic year for Dr. Martens. We’ve delivered another set of strong results with broad-based growth across all regions and channels and double-digit revenue and EBITDA performances. This, in the context of the wider macroeconomic uncertainty that exists in a few of our key markets, is testament to both the strength of our brand, our heritage and consumer proposition and the execution of our strategy”, commented Paul Mason, Chairman of Dr. Martens.

Total revenue grew by 20% totaling 348.6 million British pounds and EBITDA grew by 33% to 50.0 million British pounds.  Direct to Consumer revenue rose by 26% totaling 140.7 million British pounds, with retail revenue growing by 23% to 97.1 million British pounds and ecommerce by 35% to reach 43.6 million British pounds. Within that, like-for-like retail revenue growth was 7% and wholesale revenue grew by 16% to 207.9 million British pounds, with strong growth across all regions.

Revenue by geography

Dr. Martens’ revenue in EMEA increased by 32% to 155.9 million British pounds  (2017: 118.3 million British pounds) and EBITDA in the region was up by 45% to 24.9 million British pounds (2017: 17.2 million British pounds). Revenue in DTC channels grew by 37% with retail up by 35% and e-commerce up by 43%. Like-for-like own store retail revenue increased by 6% on a constant currency basis.

Revenue in the Americas region grew strongly, up by 11% totaling 117.4 million British pounds (2017: 106.0m), with EBITDA increasing by 11% to 18.5 million British pounds (2017: 16.6 million British pounds). The region’s strong performance was driven by its DTC channels, which delivered good revenue growth of 22%. Like-for-like retail revenue growth was 4% and E-commerce revenue rose by 23%.

Revenue in Asia was up 13% to 75.3 million British pounds (2017: 66.4 million British pounds) and EBITDA grew 27% to 17.1 million British pounds (2017: 13.5 million British pounds), primarily driven by another strong year in Japan. In this Asian country, the performance was strong across all channels, with total revenue up by 30% to 28.7 million British pounds. South Korea saw slower growth, mainly due to geo-political tension resulting in a reduction in inbound tourism. Despite this, total revenue grew by 7% to 24.6 million British pounds (2017: 22.9 million British pounds) with wholesale growth offsetting lower own store and concession revenue.

Distribution network

During the year Dr. Martens opened 25 new stores, including nine in the UK, seven in Continental Europe, three in the US (New York) and six in Asia. Over the same period the company closed two stores, bringing the total number of owned stores in Dr. Martens’ estate to 94.

EMEA - Europe, the Middle East and Africa


Photo by Harishan Kobalasingam on Unsplash

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