Dr. Martens said its first quarter performance is currently meeting expectations for its previously outlined guidance, but it plans to focus attention on growing its business in the Americas.
Moving forward, the brand said focusing on performance in the Americas will be a “No. 1 priority” for fiscal year 2024 after revenues in this region dropped compared to the prior year, due to wholesale challenges, according to a regulatory filing.
“In Americas DTC, the actions we’re taking are progressing to plan, and we continue to expect that it will take until the second half to see a meaningful improvement here,” Dr. Martens said.
The British footwear company said DTC growth in EMEA and APAC has been strong, bolstered by strong retail and e-commerce growth. Wholesale growth declined in these regions, in part due to a decision to limit supply and end sales to a China distributor before a contract ended.
In June, the company reported that it had reached 1 billion British pounds ($1.25 billion, based on exchange at the time) in annual revenue for the first time when reporting earnings for fiscal 2023.
Watch on FN
At the time, CEO Kenny Wilson said in a statement that reaching this milestone is “testament to the strength” of the brand, the long-standing “DOCS” strategy and the hard work and dedication of employees globally. “We are focused on the successful execution of our proven DOCS strategy, which we will underpin with continued investment in the business and our people to support our increasing scale and capitalise on our iconic brand’s strength,” Wilson said.
The British footwear company reported that revenue grew 10 percent in fiscal year 2023 to 1 billion pounds ($1.25 billion), up from 908.3 million pounds ($1.1 billion) in 2022. Dr. Martens noted that it sold 13.8 million pairs of shoes in the year, down 2 percent on the previous year.
