TIDMDOCS
RNS Number : 8142G
Dr. Martens PLC
29 July 2021
29 July 2021
Dr. Martens plc
Trading statement for the three months ended 30 June 2021
A STRONG FIRST QUARTER
"I am very pleased with the performance across our business in
the first quarter of our new financial year. We achieved continued
growth in ecommerce against a triple-digit growth rate last year
and the reopening of our own-stores drove a strong retail recovery
through the period. In addition, we saw a return to more normalised
wholesale shipments over the period. The first quarter of the year
is always our smallest period, being the end of the Spring/Summer
season. Our larger Autumn/Winter season begins from Q2 and our
performance to date gives us confidence for the remainder of the
year. We will continue to take a long-term custodian mindset,
investing into our business and making decisions to drive the brand
for the decades to come." Kenny Wilson, Chief Executive Officer
Group highlights:
-- Q1 Group revenue GBP147.3m, up 52% year on year (64% on a
constant currency basis). This performance was against a Covid-19
impacted comparative figure, with revenues in the same quarter last
year down 14%. On a two-year basis (Q1 FY22 compared to Q1 FY20),
revenue was up 31% (40% constant currency). Q1 is typically the
smallest period, being the end of the Spring/Summer season.
-- By channel, we saw an encouraging recovery of retail, good
growth in ecommerce against a very strong comparative and a strong
wholesale performance as order patterns normalised.
-- All three regions saw good growth, although the Americas was
a standout, recording triple-digit revenue growth.
Channel performance
Throughout Q1 FY22, 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, with stores
operating with varying capacity restrictions and a few locations
remaining closed. This compares with Q1 last year, where the vast
majority of our own stores globally were closed or subject to
significant Covid-19 restrictions, which materially impacted retail
revenues. This significantly altered picture has resulted in Q1
FY22 retail revenue more than tripling year-on-year. The
performance of our stores improved as the quarter progressed,
particularly those in the US and provincial UK. On a two-year basis
(Q1 FY22 compared to Q1 FY20) performance was as expected, with
retail revenue down 6% for the quarter as a whole and positive in
the month of June.
In Q1 FY22, we achieved strong ecommerce revenue growth of 11%
(19% on a constant currency basis). This was against a very high
comparative with ecommerce growth in Q1 FY21 up triple-digit, given
the widespread store closures at that time. On a two-year basis (Q1
FY22 compared to Q1 FY20), ecommerce revenue is up 155% (166% in
constant currency terms).
We saw a very strong performance in our wholesale business in Q1
FY22, as customers normalised shipment timings back towards Q1. As
a result, wholesale revenue is up 50% year-on-year (up 64% constant
currency), 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 Q2 given
the significant uncertainty at that time. On a two-year basis (Q1
FY22 compared to Q1 FY20), wholesale revenue is up 23% (30% in
constant currency terms). Given the rescheduling of orders in FY21,
we face a stronger comparative in Q2 and therefore expect wholesale
sales growth to moderate.
Regional performance
The strongest regional performance was seen in Americas, with
revenue up 106% (132% constant currency). This was predominantly
driven by wholesale, with both a normalisation of shipments
compared to the prior year and strong underlying growth. We also
saw a good recovery in retail and continued ecommerce growth
against a tough comparative.
EMEA delivered 30% revenue growth (36% constant currency). We
saw an encouraging retail recovery as stores reopened, continued
ecommerce growth against a very strong comparative, and good
wholesale performance.
APAC saw revenues up 17% (30% constant currency), with good
growth across all channels. The largest market in APAC is Japan,
which continues to see significant Covid-19 restrictions in retail,
albeit to a lower extent than last year.
Outlook
Trading in Q1 was slightly ahead of our expectations, with a
strong end to the period. Q1 is by far the smallest quarter
however, and in Q2 we face a much stronger comparative. We
anticipate that the pattern of trading through the year will be
non-linear and, like many others across the industry, we are
experiencing inbound shipping delays and other operational
challenges due to Covid-19. Despite these, we remain confident in
the delivery of our guidance for FY22 and over the medium-term.
Enquiries
Investors and analysts
Bethany Barnes, Director of Investor Relations +44 7825 187465 bethany.barnes@drmartens.com
Media
Finsbury Glover Hering
Rollo Head, James Leviton +44 20 7251 3801
Gill Hammond, Director of Communications +44 7384 214248
FY21 Quarterly performance
The prior year quarterly revenue performance was as follows:
FY21 Q1 Q2 Q3 Q4
Group revenue (GBPm) 97.0 221.2 275.6 179.2
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% yoy change (reported) (14%) 42% 9% 19%
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% yoy change (constant
currency) (14%) 43% 9% 23%
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About Dr. Martens
Dr. Martens is an iconic British brand founded in 1960 in
Northamptonshire. Originally produced for workers looking for
tough, durable boots, the brand was quickly adopted by diverse
youth subcultures and associated musical movements. Dr. Martens
have since transcended their working-class roots while still
celebrating their proud heritage and, six decades later, "Docs" or
"DMs" are worn by people around the world who use them as a symbol
of empowerment and their own individual attitude.
The Company successfully listed on the main market of the London
Stock Exchange on 29 January 2021 (DOCS.L) and is a constituent of
the FTSE 250 index.
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END
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