Dr. Martens PLC

DOCS

Equity

ISIN GB00BL6NGV24 / Valor 59333162

LSE London Stock Exchange, SETS (2024-12-10)

GBP 0.76+2.86%

Dr. Martens PLC
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About company

Dr. Martens PLC, originating from Wollaston, England, has evolved into a globally recognized footwear brand since the launch of its first boot, the “1460”, on 1 April 1960. The company has successfully positioned itself as a symbol of individual self-expression, catering to a diverse consumer base across the world. Dr. Martens operates through three main geographic regions: EMEA (Europe, Middle East, and Africa), Americas, and APAC (Asia Pacific), reflecting its extensive global reach. The brand's product portfolio is segmented into Originals, Fusion, Kids, and Casual footwear, alongside a complementary range of Accessories. This diversified product lineup enables Dr. Martens to meet a wide array of consumer needs and preferences, further solidifying its status in the international footwear market.

Summarized from source with an LLMView SourceSector: Consumer Cyclicals

Revenue Decline

Dr. Martens PLC reported a revenue decline of 12.3% for the year ended 31 March 2024, compared to the previous year. The revenue dropped from £1,000.3 million in FY23 to £877.1 million in FY24. This decline was primarily driven by weak consumer demand in the USA, which significantly impacted the company's wholesale business in the region.

Profit After Tax

For the year ended 31 March 2024, Dr. Martens PLC's profit after tax decreased by 46.3%, falling from £128.9 million in FY23 to £69.2 million in FY24. This substantial decline in profit was attributed to the overall decrease in revenue and increased operational costs.

Dividend Announcement

Dr. Martens PLC announced a final dividend of 0.99p per share, bringing the total dividend for the year to 2.55p per share. This represents a 35% earnings payout. The company plans to hold the FY25 dividend flat in absolute terms, with an intention to return to an earnings payout in line with their dividend policy (25% to 35% payout) in FY26 onwards.

Supply Chain Savings

Dr. Martens PLC achieved significant supply chain savings during FY24, which supported an increase in gross margins by 3.8 percentage points to 65.6%. These savings were a result of the company's ongoing supply chain transformation strategy, which has steadily increased direct control over supply chain inputs.

Outlook and Guidance

Dr. Martens PLC's current trading is in line with expectations, and the planning assumptions for FY25 remain unchanged. The company anticipates a Group revenue decline of around 20% for the first half of FY25, driven by a significant drop in wholesale revenues. The overall results for the year are expected to be heavily weighted towards the second half, particularly from a profit perspective.

Summarized from source with an LLMView Source

Key figures

-18.3%1Y

-81.1%3Y

%5Y

Performance

61.5%1Y

58.9%3Y

54.3%5Y

Volatility