Dr. Martens reaches £1bn revenue but profits fall

2nd June 2023 | Jack Oliver

Dr. Martens has seen its revenue reach a record £1bn in the 2023 financial year, however the footwear retailer said it made “operational mistakes”, leading to a dip in profits.

In the 12 months to 31 March 2023, Dr. Martens’ revenue increased by 10% from the previous year, however its saw profits before tax fall by 29% to £128.9m.

Dr. Martens said its decision to move to a distribution centre in Los Angeles and the ways in which it conducted its marketing campaigns and Ecommerce trading contributed to the fall in profits.

The retailer said trading in the current period has been in line with its expectations, with “very good” direct-to-consumer growth. Dr. Martens added that it will be increasing prices to offset supply chain cost inflation.

Kenny Wilson, Dr Martens chief executive officer, said: “We are focused on the successful execution of our proven […] strategy, which we will underpin with continued investment in the business and our people to support our increasing scale and capitalise on our iconic brand’s strength. The board retains its conviction in the strategy, long-term growth and cash generation of the business.”


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