British footwear brand Dr Martens achieved a 20% increase in group revenue to £348.6m in the year to 31 March 2018 and said that direct-to-consumer (DTC) channels were driving its growth.
DTC revenue was up 26% to £140.7m with retail revenues up up 23% to £97.1m and e-commerce revenue was up 35% to £43.6m. Wholesale revenue growth was also strong and was up 16% to £207.9m.
EBITDA was up 33% to £50m and EBITDA margin up 1.4bps to 14.3%. Like-for-like retail revenues were up 7%.
The business said it was delivering against its strategic priorities with DTC sales now making up 40% of overall sales (up from 38% in the prior year).
During the period the brand opened 25 new stores in key target locations including nine in the UK, seven across continental Europe, three in New York and three in Japan. The brand also relaunched in China with new online and offline partners.
Growth was strong across all regions but EMEA was particularly strong with sales up 32% to £155.9m and EBITDA up 45% to £24.9m.
Chairman Paul Mason said it had been a “fantastic” year for the brand. “We’ve delivered another set of strong results with broad-based growth across all regions and channels and double-digit revenue and EBITDA performances. This, in the context of the wider macroeconomic uncertainty that exists in a few of our key markets, is testament to both the strength of our brand, our heritage and consumer proposition and the execution of our strategy,” he said.
Mason added that there was still “significant scope for growth across our markets” particularly across direct to consumer channels.
The business recently appointed a new CEO; Kenny Wilson joined from Cath Kidston in May of this year to drive international growth. “My first few months at the business have been thoroughly inspiring and I look forward to getting to know more of the team over the coming months as we work hard towards delivering our ambitious strategy. We have an amazing culture and the opportunity for growth is significant,” Wilson said