Dr Martens has posted a year of revenue growth – achieving £1bn for the year to 31st March 2023 – which is up from £908.3m last year. It wasn’t all plain sailing however, as pre-tax profits fell to £159.4m from the previous year’s £214.3m.
CEO Kenny Wilson said: “We achieved annual revenue of £1bn for the first time, up ten per cent and up 4 per cent in constant currency.
“Reaching this milestone is testament to the strength of the brand, our long-standing DOCS strategy and the hard work and dedication of our fantastic people globally.
“Direct to consumer is now more than half our revenue and the Dr Martens brand remains strong with all key metrics either ahead of, or in line with, last year. In EMEA and Japan, where we executed our strategy well, performance was very good with encouraging momentum going into the new financial year.
“In America, against a backdrop of a challenging customer environment, we made operational mistakes, such as the move to our LA distribution centre, and how we executed our marketing campaigns and eCommerce trading. We have undertaken detailed reviews to understand why these issues occurred and have begun to embed the lessons learned into the business. We are fixing the issues in America, including a significant strengthening of the team there, and returning America to good growth is our number one operational priority.”
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