Dr. Martens announces a final dividend of 4.28p

DividendMax Ltd.

Dr. Martens announces a final dividend of 4.28p

Dr. Martens announce a final dividend of 4.28p per share (FY22: 4.28p). This will bring the total interim and final dividend for FY23 to £58.4m (5.84p), and represents an increase of 6% vs FY22, with a payout ratio of 45%. The dividend will be paid to shareholders on the register as at 9 June 2023 with payment on 18 July 2023.

Other financial highlights include:

Revenue up 10%, or 4% constant currency (CC), to £1,000.3m, reaching this milestone for the first time

Direct-to-consumer (DTC) channel was up 16%, 11% (CC)

o Retail up 30%, 25% CC and ecommerce up 6%, 1% CC

Wholesale up 4%, down 3% CC; weaker shipments in America, due partly to LA DC bottleneck, and their decision to stop sales to their China distributor ahead of agreement end

Strong performance in EMEA but softer performance in America, while in APAC, Japan's strong DTC growth was offset by Covid-19 restrictions and lower sales to their China distributor

EBITDA down 7% to £245.0m due to slower revenue growth, continued investment in new stores, marketing and people, and £15m costs associated with the Los Angeles distribution centre (LA DC) issues; EBITDA margin was therefore lower by 4.5%pts at 24.5%

Profit before tax (PBT) was down more than EBITDA due to higher depreciation and amortisation, as expected, a £3.9m impairment charge and a £10.7m charge from the FX translation of their Euro bank debt

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