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Dr. Martens

December 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • DOCS
  • Price:
  • 95.5p
Dr. Martens has reported its H1 (to end September) with sales of £396m, -3%. EBITDA of £78m was -13% but was ahead of expectations helped by strategic supply chain savings, which drove a gross margin improvement of 2.8% (to 64.4%). EBITDA margin fell by 1.6% to 19.6%. The period saw good growth in EMEA. DTC revenues were up 21%, with retail and ecommerce up 22% and 20%, respectively. Good DTC growth was seen in all core markets (UK +8%, France +19%, Germany +29% and Italy +62%), which was partially offset by Wholesale (marginally down) and the strategic decision to reduce volumes to etailers. But Americas declined (Q1 -27%, Q2 -6%) with DTC -7% and wholesale -22%, reflecting industry-wide destocking and also warm weather throughou ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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