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Boot brand Dr. Martens posted a higher first-half profit on Thursday, but warned that shipping delays in its US business due to wider supply chain troubles will continue into the next fiscal year.
It still reported a 44 percent increase in half yearly revenues in the Americas, but sales in countries like Japan, China and Australia continued to be impacted by pandemic-related restrictions.
The company, known for its 1460 chunky boots with yellow stitching, said pretax profit jumped 46 percent to £61.3 million ($80.95 million) for the six months ended Sept. 30. Revenue rose 16 percent to £369.9 million.
“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,” Dr. Martens boss Kenny Wilson said.
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The company, which made its stock market debut in London earlier this year, also said it plans to open 20 to 25 new stores in fiscal year 2022, adding to its 135 existing stores.
Dr. Martens, whose boots were worn by the likes of British guitarist Peter Townshend, reiterated its confidence in achieving market expectations for fiscal year 2022, assuming there are no country-wide lockdowns.
By Sinchita Mitra; Editor: Devika Syamnath
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Dr Martens Hits £3.7B Valuation in London Debut
After pricing its initial public offering at 370 pence a share, the top end of an initial range, the stock surged as much as 26 percent. Dr. Martens shareholders raised £1.3 billion ($1.8 billion) in the offering.
