Dr Martens sees profits rise

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Dr Martens has notched up rising full year sales and profits after the iconic footwear brand was boosted by its performance in Europe.

The British company, owned by private equity firm Permira, posted a 33% rise in operating profit to £50 million in the year to March 31.

Revenue rose 20% to £348.6 million and like-for-like sales increased 7%.

Dr Martens performed particularly well in Europe, the Middle East and Africa where revenue was up 32% to £155.9 million and operating profit grew 45% to £24.9 million.

Chairman Paul Mason said: “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.

“There is still significant scope for growth across our markets, particularly via our Direct to Consumer channels, and this will remain a strategic priority in the years ahead.”

Dr Martens recently appointed the former Cath Kidston boss Kenny Wilson as chief executive, who added that the firm’s opportunity for growth is significant.

Direct to consumer revenue was up 26% to £140.7 million and the group will look to build on this, as well as opening new stores.

During the year, Dr Martens opened 25 new stores, including nine in the UK, seven in Continental Europe, three in the US and six in Asia, bringing the total number of to 94.