Companies

Dr Martens hits £1bn revenue for first time but results marred by US ‘mistakes’

A series of issues came together to create bottlenecks at company’s US warehouse

  • June 1, 2023
The business said that it had managed to only just squeak into the billion-pound league with a margin of about £300,000 as revenue rose 10 per cent. Picture: Getty

The symbolic moment when bootmaker Dr Martens reached £1 billion in revenue for the first time was marred by what its boss had to admit were “mistakes” in the US.

The business said on Thursday that it had managed to only just squeak into the billion-pound league with a margin of about £300,000 as revenue rose 10 per cent.

But profits fell, significantly, down 26 per cent to £159.4 million before tax, the business said. ...