Last checked at 
(Alliance News) - Footwear brand Dr Martens PLC on Thursday said it is trading slightly ahead of expectations in its first financial quarter, as the sales recover from the Covid-19 pandemic.
The London-based company, which listed back in February, posted revenue for the three months ended June 30 of GBP147.3 million, a rise of 52% from GBP96.9 million a year before. This represents a 31% rise from pre-pandemic levels GBP112.4 million in same three months of 2019.
Throughout the first quarter, all US stores were open, UK stores opened from mid-April, and continental Europe stores opened steadily through May and June. Japan remains the most impacted by Covid-19 currently, with stores operating with varying capacity restrictions and a few locations remaining closed.
This compares with the same period last year, when the vast majority of Dr Martens stores globally were closed or subject to significant Covid-19 restrictions. The lifting of lockdowns has resulted in first quarter retail revenue more than tripling year-on-year. Compared to 2019 levels, retail revenue was down 6% for the quarter, however.
Dr Martens achieved strong e-commerce revenue growth of 11% This was against a very high comparative, it noted, with e-commerce growth in the same period last year up triple-digit, given the widespread store closures at that time. Compared to financial year 2020, e-commerce revenue has more than doubled.
Dr Martens said its wholesale business also performed "strongly" in the first quarter. As a result, wholesale revenue was up 50% year-on-year, with particularly strong shipments in Americas. This performance is against a "weak" comparative, as last year a large proportion of wholesale customers rescheduled orders into the second quarter given the significant uncertainty at that time. Compared to pre-pandemic levels, wholesale revenue was up 23%.
The strongest regional performance was seen in the Americas, where revenues more than doubled.
EMEA delivered 30% revenue growth and APAC saw revenue up 17%.
The company said trading in the first quarter was slightly ahead of its expectations, with a strong end to the period. The first quarter is historically Dr Marten's smallest quarter in terms of revenue, it noted, and in the second quarter the firm faces a much stronger comparative.
However, the firm anticipates that the pattern of trading through the year will be non-linear and, like many others across the industry, it is experiencing inbound shipping delays and other operational challenges due to Covid-19.
"Despite these, the footwear brand remains confident in the delivery of our guidance for financial year 2022 and over the medium-term," the company said.
Dr Martens shares were down 3.0% at 440.40 pence early Thursday in London. The stock listed in February at 370p, so remains up 19%.
By Amrit Sahota; newsroom@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
