Last checked at 
(Sharecast News) - Iconic UK footwear brand Dr Martens posted a 46% rise in interim profits, driven by a recovery in physical stores sales as they reopened from Covid curbs, but warned that shipping delays in its US business due to supply chain constraints would continue into the next fiscal year.
The company, famed for its lace-up boots, on Thursday said the momentum seen in retail in the first half continued to strengthen during October and November, as it reiterated annual guidance, but warned that its US wholesale business continued to be impacted by shipping delays and uncertainty around the timing of shipments being processed through ports.
"We expect these to continue into the next financial year. We remain confident in achieving market expectations for full-year 2022. This assumes that we do not experience material country-wide lockdowns on either the demand or supply side for a significant period of time."
Pre-tax profit for the six months to September 30 rose to £61.3m from £41.9m on a 16% rise in revenue to £370m, while earnings before interest, taxes, depreciation and amortisation were up 3% at £88.8m.
Dr Martens forecast medium-term mid-teens revenue growth from 2023 and targeted ecommerce to grow to at least 40% mix, with total direct-to-consumer, including retail, of at least 60% mix.
Its medium-term target of a 30% core earnings margin was also unchanged. The company also declared its first interim dividend of 1.22p a share.
"We have seen more positive weeks than negative weeks (in the first half) for our like-for-like stores in UK and US, led by growing footfall and better conversion," said Dr Martens chief executive Kenny Wilson.
The company, which made its stock market debut in London earlier this year, also said it planned to open 20 to 25 new stores in fiscal 2022, adding to its 135 existing stores.
20 Jun 2024 09:47
LONDON BROKER RATINGS: UBS raises Landsec; Berenberg cuts SSP
(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and on Wednesday:
Read more