The CEO of iconic British brand Dr. Martens is “pleased to report another strong set of results” for the first half of its financial year in which the business opened 21 new stores.
According to interim results for the six months to 30 September 2022, revenue has risen while profits have slipped.
During the period, when the consumer environment weakened, revenue grew to £418.6m at the Northamptonshire-headquartered firm, up from £369.9m in the first half of last year.
Profit before tax meanwhile slipped to £57.9m from £61.3m.
The company noted it has made a proactive decision to continue with targeted investment for the future rather than reducing investment for short-term profit.
Kenny Wilson, Chief Executive Officer, said: “I am pleased to report another strong set of results covering the first half of our financial year. Underlying revenue growth was 18% and the EBITDA margin was in line with our guidance. I’d like to thank all Dr. Martens people for their hard work and custodianship over the last six months in helping to deliver these results.
“Our growth is built on the successful execution of our DOCS strategy, led by the DTC-first approach, with DTC revenue up 21%. At the heart of our continued success is the strength of our brand, highlighted by underlying pairs growth and continually improving brand metrics. We have further pricing headroom for AW23 so we will offset cost inflation once again.
“Although there are economic challenges ahead, we are well positioned for future growth. We will continue to drive growth investment to deliver the DOCS strategy, mainly in new stores, marketing, people, technology and inventory. Reflecting our confidence in the future, our balanced global revenues and our strong balance sheet, the board has decided to increase the interim dividend by 28% to 1.56p per share.”
