Dr Martens posts rising sales amid strong online demand in Asia
Dr Martens posts rising sales amid strong online demand in Asia
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Dr Martens has hailed a solid third-quarter performance following bumper demand across the Asia-Pacific region. The bootmaker reported total turnover increased by 3 per cent at constant currency rates to £267million in the 13 weeks ending 29 December.
Wholesale revenues increased by 9 per cent against a weak comparative result, while direct-to-consumer [DTC] sales tipped up by 1 per cent. DTC revenues soared by 17 per cent in the Asia-Pacific market due to bumper online trade and healthy growth in its largest market, Japan.
They also returned to growth in the Americas, where Dr Martens has struggled with operational issues at its Los Angeles distribution centre and subdued wholesale and consumer orders in the United States. However, the Northampton-based company's third-quarter sales on a reported basis still shrank by 3 per cent to £260million.
Nice shoes: Dr Martens is considered an iconic British fashion brand owing to its association with youth subcultures ranging from mods and punks to grunge. Since listing on the London Stock Exchange four years ago, Dr Martens has seen its value plummet amid inflationary pressures, unfavourable weather conditions, and supply chain constraints.
In April 2024, the firm issued its fifth profit warning in three years after saying it might not hike prices further this year to offset cost inflation. It also noted that its order book for the autumn and winter season was 'significantly down' on the previous year.
