Dr Martens walking on water in Asia as profits rise
A strong performance in Japan and South Korea helped operating profit rise 27% to £37.5 million.
Dr Martens has notched up rising full year sales and profits after the iconic footwear brand was boosted by its popularity in Asia.
The British company booked a 25% increase in group revenue to £290.6 million in the year to March 31, or 12% up on a constant currency basis.
Operating profit rose 27% to £37.5 million as the firm hailed a strong performance in Japan and South Korea.
Dr Martens’ Asian arm saw revenue rocket 43% to £66.4 million as it opened five new stores in Japan and two in Hong Kong.
In Japan alone, revenue was up 88% to £22 million.
Its best-selling boot globally was the 1460 Black Smooth.
The results come after boss Steve Murray left the firm earlier this year as part of a “mutual decision”, leaving chairman Paul Mason in the hot seat while the search for a replacement gets under way.
Mr Mason said: “Despite a challenging retail environment, we have delivered double digit growth across all areas of the business and continue to see the investments in our people, structure and operations as an integral part of our aim to deliver long-term sustainable growth.”
Dr Martens pointed to challenging trading conditions in the US and “potential headwinds following Brexit” as stumbling blocks for growth.