Dr. Martens Reaches 1 Billion Pounds in Annual Revenue for First Time

Dr. Martens is marking a new milestone – reaching 1 billion British pounds ($1.25 billion, based on current exchange) in annual revenue for the first 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 its 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. By channel, direct-to-consumer, which was up 16 percent to 520.7 million pounds ($652.7 million) for the year, is now more than half our revenue and the Dr. Martens brand remains strong with all key metrics either ahead of, or in line with, last year. Wholesale was up 4 percent to 479.6 million pounds ($601.2 million)

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