Dr Martens trading remains steady in Q1
The group noted that all its third-party factories were now open and operating at 90%-95% planned capacity, while shipping lead times continued to improve ‘steadily’
Dr Martens has told investors its trading since the start of the year is in line with the guidance set out at its FY trading announcement for both the half and full year, after a period of strong trading in its first quarter.
In its latest update, the boots retailer said online sales were in line with its previous fourth quarter, while retail continued its “strong recovery” and its wholesale order book increased beyond 85% of the full year level.
The group also implemented AW22 price increases fully from July, and to date has opened 10 new stores.
In addition, the group noted that all its third-party factories were now open and operating at 90%-95% planned capacity, while shipping lead times continued to improve “steadily”.
The latest update closely follows its previous FY22 results, where Dr Martens hailed a set of “record results” for the full-year period ending 30 March 2022.
Its adjusted pre-tax profits surged 43% to £214.3m over the period, after it revealed it sold “more pairs of boots, shoes, and sandals than at any time in its 62-year history”.
The footwear brand, founded in 1960, reported “record” revenues of £908.3m, up 18% compared with the previous year.
At the time, CEO Kenny Wilson said: “This has been a year of outstanding progress, despite an extremely challenging external environment. Our success demonstrates the strength of the Dr Martens brand and its universal and evergreen appeal to consumers of all ages and genders in markets around the world.”
“We look forward to the future with confidence as we roll out our DOCS strategy in our seven key markets around the world.”
