Sales increased by 20 percent to £348.6 million (€394.3m-$447.4m) at Dr. Martens during the financial year ended on March 31. Ebitda went up at an even stronger rate of 33 percent, raising the Ebitda margin by 1.4 percentage points to 14.3 percent.
Much of the sales growth came from the opening of 25 new stores around the world during the year, including key locations such as Paris and Lyon in France, Dublin, Brussels, New York, Seoul and Hong Kong. At the end of the year, the door count included 36 stores in the U.K., 15 on Continental Europe and 22 in the Americas.
As a result, the company's revenues from physical stores rose by 23 percent to £97.1 million (€109.8m-$124.6m). Online sales jumped by 35 percent to £43.6 million (€49.3m-$56.0m) and wholesale revenues increased by 16 percent to £207.9 million (€235.2m-$266.8m). The share taken by direct-to-consumer (DTC) operations went up to 40 percent from 38 percent the year before.
Geographically, the highest rate of growth was recorded in Europe, the Middle East and Africa (EMEA). Sales jumped by 32 percent in the region to £155.9 million (€176.4m-$200.0m), pushing the regional Ebitda up by 45 percent to £24.9 million (€28.2m-$31.9m).
Wholesale revenues increased by 28 percent in EMEA, with good growth in all the territories. Retail sales and e-commerce went up by 35 percent and 43 percent, respectively. The brand opened nine new stores in the U.K. and seven on continental Europe, during the year, and same-store sales progressed by 6 percent in constant currencies.
In the Americas, Dr. Martens' sales and profits both grew by 11 percent, reaching levels of £117.4 million (€132.8m-$150.6m) and £18.5 million (€20.9m-$23.7m), respectively. Most of the growth came from the direct-to-consumer (DTC) channel as online revenues went up by 23 percent and retail revenues by 22 percent, boosted by same-store growth of 4 percent and the addition of three new stores.
Sales in Asia rose by 13 percent to £75.3 million (€85.2m-$96.6m), generating 27 percent higher Ebitda of £17.1 million (€19.3m-$21.9m), driven by a 30 percent increase to £28.7 million (€32.5m-$36.8m) in the Japanese market. Here also, Dr. Martens opened three new stores, helping retail revenues to jump by 90 percent, with a 17 percent rise on a comparable store basis. E-commerce and wholesale revenues went up in Japan by 31 percent and 13 percent, respectively.
Business in South Korea slowed down, registering a 7 percent sales increase to £24.6 million (€27.8m-$31.5m), due especially to a decline in inbound tourism.
On the other hand, Dr. Martens has set out to re-launch itself in China, starting with its own website on Tmall and sales through 25 branded partner stores.
The management says that sales have been in line with last year's trends so far this year, and that the company's investment in a new ERP system should help support growth across all channels.
Kenny Wilson, formerly with Levi's and Cath Kidston, was appointed as Dr. Martens' new chief executive in July. New in the management are also Geert Peeters, chief operating officer, and Sean O'Neill, chief digital officer.