Dr. Martens makes progress on turnaround
Dr. Martens has said it is making good progress with its turnaround as it reported an uplift in third quarter revenue.
In the 13 weeks to 29 December, group revenue increased by 3% to £267 million at constant currency while direct-to-consumer revenue edged up 1%.
The footwear retailer said the direct-to-consumer performance was the result of ecommerce revenue growing by 2% at constant currency and retail revenue declining by 1%.
Dr. Martens put in a good performance in its APAC and Americas regions where direct-to-consumer revenue climbed by 17% and 4% respectively. However, EMEA revenue fell by 5% after trading was impacted the deep promotional nature of several markets.
Meanwhile, the retailer’s wholesale performance by region was in line with expectations with EMEA and APAC up year-on-year and Americas wholesale down single-digit at constant currency.
Dr. Martens chief executive Ije Nwokorie, said: “Our Q3 trading was as expected and our outlook for FY25 remains unchanged.
“We have made good progress against our objective of turning around our USA performance, with USA DTC in positive growth in Q3.
“We continue to actively manage our costs and are on track to meet our inventory reduction target for FY25. The team and I are squarely focused on returning the business to sustainable and profitable growth.”
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