14th Jul 2022 09:34
(Alliance News) - Dr Martens PLC on Thursday said it is trading in line with guidance and market expectations in the first quarter of financial year 2023, as it continues to recover post-pandemic.
The Wollaston, Northamptonshire-based footwear brand said that the early months of its financial year are typically the "smallest period of the year", representing the tail end of the spring/summer trading period.
However, back in June, the Dr Martens said that it expects "high-teens revenue growth" for its current financial year, ending March 30, 2023.
Dr Martens said that online sales in its first three months were in line with the fourth quarter of financial year 2022, whilst retail sales continued a "strong recovery".
Further, it said that its wholesale order book has continued to increase beyond 85% of the full year level as previously disclosed.
Dr Martens added that in early July it implemented the AW22 price increases.
Further, it said that it has opened ten new stores to date and all of its third-party factories are open and operating at 90% to 95% planned capacity, whilst shipping lead times continue to "improve steadily".
Shares in Dr Martens were up 0.7% to 242.00 pence each in London on Thursday morning.
By Sophie Rose; [email protected]
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