Interactive Investor

ii view: Dr. Martens underlines its strength of business model

20th December 2021 11:00

Keith Bowman from interactive investor

Shares for this iconic British brand now sit close to their January IPO price. Buy, sell or hold?

First-half results to 30 September

  • Revenue up 16% to £370 million
  • Adjusted pre-tax profit up 37% to £61.3 million
  • Interim dividend of 1.22p per share


  • Remains confident in achieving market expectations for the full-year 2022

Chief executive Kenny Wilson said:

"Our strong performance in the first half is testament to the strength of our business model, the under penetration of our brand globally, our agility in adapting to changing conditions and the passion and dedication of our people. We continue to take a long-term custodian approach to growing the brand, prioritising Direct-to-Consumer channels and our seven priority markets.”

ii round-up:

Boot maker Dr. Martens (LSE:DOCS) was founded in 1960 in Northamptonshire. 

Today it predominantly focuses its sales efforts on the seven core markets of the UK, France, Germany, Italy, the USA, Japan and China. 

For a round-up of these latest results, please click here.

ii view:

A constituent of the FTSE 250 Index, Dr. Martens came to the stock market in late January 2021 at a price of 370p per share. Its four key strategic pushes are to accelerate its direct to consumer and ecommerce channels, helping it to control brand engagement; improve its operational and IT infrastructure; create deeper connections with more consumers and grow globally on a sustainable basis. The iconic boot maker now sits alongside Burberry (LSE:BRBY) and Watches of Switzerland (LSE:WOSG) in the personal goods sector. 

For investors, fashion trends can change quickly, leaving the business open to volatility. Ongoing pandemic uncertainty, supply chain disruption and global shipping delays all offer reason for caution. 

More favourably, full-year guidance was left unchanged. Ecommerce revenue rose 10%, aiding a lift in the gross profit margin, while strong growth in the USA was enjoyed. In all, and with the pandemic offering near-term headwinds but analysts estimating a fair value price per share of just over 500p, grounds for long-term optimism arguably persist. 


  • Geographical diversity
  • Growing Direct to Consumer sales


  • Ongoing pandemic uncertainty
  • Exposure to currency movements

The average rating of stock market analysts:


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