5 June 2023
Footwear brand Dr Martens has reported full-year revenues of just over £1 billion for the 12 months ending March 31, writes Leatherbiz.
This figure represents a 10% increase in revenues year on year and the first time the brand’s sales have passed the billion-pound milestone.
“Reaching this milestone is testament to the strength of our brand, our long-standing strategy and the hard work and dedication of our fantastic people globally,” said chief executive, Kenny Wilson.
Addressing a decline of 7% year on year in profits, reaching a figure of £245 million, Mr Wilson said Dr Martens had made “operational mistakes” in its business in the US, notably in setting up a distribution centre in California. He said the company had undertaken “detailed reviews to understand why issues occurred” and had begun to “embed the lessons learned into the business”.
He said returning to growth in the US market was Dr Martens number-one operational priority.