'Exceptional' lockdown growth for Dr Martens
By Matt Hall | 14th August 2020
Footwear manufacturer and retailer Dr Martens has reported a rise in both sales and profits during the lockdown period.
The business revealed a revenue rise of 48 per cent to £672.2 million in the year to March 31, with operating profits also increasing by 110 per cent to £142.5 million.
Direct-to-consumer business saw a total sales rise of 51 per cent to £301.6 million, whereas wholesale sales rose 45 per cent to £370.6 million.
Dr Martens had shut all of its stores back in March due to the coronavirus lockdown and put much of its workforce onto the furlough scheme, but it has since reopened most of its stores and reportedly paid back its furlough grants to the Government.
Chief executive Kenny Wilson said: "We have delivered another year of exceptional growth driven by our consumer first strategy and continuous investment in the business.
"Our performance demonstrates the resilience and strength of our brand at a time of great uncertainty.
" The last few months have been a very challenging time for everyone, and I am extremely proud of the resilience and commitment our teams have shown, which has enabled us to continue delivering for our customers throughout the pandemic.
" Looking ahead, while we are currently in a volatile and uncertain trading environment, we have a very clear strategy in place supported by a strong brand and consumer connections, and I am confident in the outlook for the business."
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