UK-based footwear retailer Dr Martens has reported revenue of £418.6m ($507m) for the first half (H1) of fiscal 2023 (FY23), up by 13% from the same period of the prior fiscal year (FY22).
For the six months to 30 September, the company posted underlying revenue of £418.6m, an 18% increase from £356.2m a year earlier.
During the 26-week period, Dr Martens’ direct-to-consumer (DTC) revenue grew by 21% to £179.8m and its wholesale revenue increased by 15% to £238.8m.
The company’s retail and e-commerce revenues rose by 38% and 8% respectively.
Dr Martens’ gross margin improved by 0.3% to 61.6%, while its earnings before interest, tax, depreciation and amortisation (EBITDA) were £88.8m.
The company’s EBITDA margin for H1 declined by 2.8% to 21.2% and its profit before tax (PBT) also dropped 5% to £57.9m, against £61.3m a year previous.
Its profit after tax also declined by 8% to £44.7m, against £48.6m in H1 2022.
In addition, Dr Martens’ basic earnings per share (EPS) dropped by 6% to £0.045 from £0.048 in the same period of FY22.
Dr Martens CEO Kenny Wilson said: “I am pleased to report another strong set of results covering the first half of our financial year.
“At the heart of our continued success is the strength of our brand, highlighted by underlying pairs growth and continually improving brand metrics.
“We have further pricing headroom for AW23 so we will offset cost inflation once again.
“Although there are economic challenges ahead, we are well positioned for future growth.
“We will continue to drive growth investment to deliver the DOCS strategy, mainly in new stores, marketing, people, technology and inventory.”
For the full year, Dr Martens expects a high-teens revenue growth on an actual currency basis and its EBITDA margin to be 100-250 basis points lower than that for FY22.