Dr. Martens Kicks off Listed Status with 22 Earnings Rise


LONDON, June 17 Reuters Dr. Martens, the classic British boot brand that listed its shares in January, on Thursday reported a 22 rise in annual core earnings with online sales helping to soften the hit from COVID19related store closures.

The group, known for its chunky boots with yellow stitching, made earnings before interest, tax, depreciation and amortisation EBITDA of 224.2 million pounds 313.6 million in the year to March 31, on revenue up 15 to 773 million pounds in line with guidance set out at the time of its initial public offering IPO of growth of 1415.

Dr. Martens said trading since the year end had been in line with its expectations and it maintained a target of high teens percentage revenue growth in 202122, as the impact of the COVID19 pandemic on the group and its markets reduces.

From 202223 and over the medium term the group anticipates midteens revenue growth.

It is targeting ecommerce to grow to 40 of the overall sales mix from 30 in 202021, with total direct to consumer DTC channels, including retail stores, making up 60 of the mix.

The group said its medium term target of a 30 EBITDA margin was also unchanged.

It expects to begin paying a dividend in the 202122 year.

Dr. Martens shares have performed strongly since listing at 370 pence in January. They closed Wednesday at 495 pence, valuing the business at 5 billion pounds.

1 0.7149 pounds

Reporting by James Davey; editing by Guy Faulconbridge and Jason Neely

Source Reuters


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