Dr. Martens, best known for its sturdy boots with eye-catching stitching, saw its turnover grow substantially again last year, despite continuing store closures due to the coronavirus.
"Protecting the image"
The British shoe brand sold 12.7 million pairs of shoes in the 2020-2021 financial year, which ended on 31 March, up from 11.1 million a year earlier. CEO Kenny Wilson said the increase during the pandemic illustrated the brand's strength. "In tough times, consumers turn to products that they trust, that they know are going to be credible in their wardrobes for years to come."
Total sales eventually rose 15 per cent to 773 million pounds (900 million euros), with strong growth in online sales (+73 per cent) softening the blow of pandemic-related store closures. Gross operating profit (EBITDA) rose 22 per cent to 224 million pounds (260 million euros). Net profit was about half that of a year ago, the result of one-off costs associated with the IPO earlier this year, writes Dutch newspaper Leeuwarder Courant.
Wilson also said that the company had already invested in digital sales channels before the outbreak of the Covid crisis. In the future, Dr. Martens wants to work with fewer retailers, but more intensively, so that the brand image can be better guarded.