Dr Martens says its direct-to-consumer sales have continued to recover across channels as the factories it uses return to capacity, and as shipping times are steadily improving.
The footwear brand said in a first-quarter trading update today that business was in line with expectations. In the first three months of its financial year – to the end of June – ecommerce sales continued to be in line with the fourth quarter of 2022. Retail sales – made direct to customers both online and through its own stores – continued a “strong recovery”. At the same time, turnover from wholesale continued to grow.
The retail brand put price rises for the second half of the year in place from early July and has opened 10 new shops so far this year. Its third party factories are now open and operating between 90% and 95% of expected capacity, while shipping lead times “continue to improve steadily.”
That marks a turnaround from a 2021/2022 full-year in which Covid-19 closures at factories in south Vietnam that make a third of Dr Martens’ products were in place for more than three months of the year. Dr Martens prioritised its own direct channels for stock since they were more profitable. During the year, some 49% of sales were direct to customers, and revenues of £908.3m were 18% up on the previous year, with direct ecommerce sales both 11% ahead of the previous year, and 92% ahead of its 2020 financial year. At the bottom line, pre-tax profits of £214.3m were 207% ahead of last time.
Dr Martens is ranked Top500 in RXUK Top500 research.
