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9 December 2021 Dr. Martens plc First half results for the period ended 30 September 2021 STRONG FIRST HALF PERFORMANCE ; CONFIDENT IN FULL YEAR EXPECTATIONS " 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 DTC channels and our seven priority markets . At the start of the period we took Italy and Iberia back under direct control and we are very pleased with their performance to date . " We took the decision to enter the year with higher inventory levels , made possible by the continuity and carryover nature of our product and our partnership approach to supplier relationships . This meant that DTC availability levels remained relatively high and gross margin was not impacted , despite the supply chain disruption and global shipping delays experienced across the industry . Our Americas performance was again particularly strong , notwithstanding our wholesale business here being most impacted by these delays . Dr. AirWair Martens " Our strong first half performance combined with the continued momentum in DTC trading into the second half gives us confidence in achieving market expectations for the full year . I remain hugely excited about the growth potential of the Dr. Martens brand . " Kenny Wilson , Chief Executive Officer H1 FY22 H1 FY21 ● ● £ m Revenue EBITDA¹ PBT Suncl ● 318.2 86.3 41.9 Adjusted² PBT 44.9 Profit After Tax 29.5 EPS ( p ) 3.0 Adjusted² EPS ( p ) 3.3 ¹EBITDA - Earnings before exchange gains / losses , finance income / expense , income tax , depreciation , amortisation and exceptional items . ² Before exceptional items of Enil ( H1 FY21 : £ 3.0m ) . See pages 34 and 35 for alternative performance measures . 3 Constant currency applies the same exchange rate to the H1 FY22 and H1 FY21 non - GBP results , based on FY22 budgeted rates . 369.9 88.8 61.3 61.3 48.6 4.8 4.8 % change Actual 16 % 3 % 46 % 37 % 65 % 60 % 45 % Revenue grew 16 % and Profit before Tax was up 46 % DTC mix of 40 % , up 6pts : % change CC³ 24 % 17 % O Retail recovering strongly , with revenue up 92 % , to 18 % mix ( up 7pts ) , and up 2 % on a two - year basis ( " LY - 1 " ) O Ecommerce revenue continued to grow double - digits , up 10 % and up 117 % LY - 1 Wholesale revenue up 6 % , with c . £ 20m of revenue delayed from Q2 into the second half , predominantly in relation to the Americas Regional performance as expected , with continued strong Americas growth , up 57 % CC , EMEA up 12 % CC and APAC up 4 % CC , as Covid - 19 restrictions continued to impact this region Gross margin grew 2.8pts to 61.3 % , driven by the shift to DTC , with increased freight costs offset by delivery of supply chain efficiencies EBITDA¹ margin was 24.0 % ( H1 FY21 : 27.1 % ) and was in line with our expectations . As guided , the period was impacted by the annualization of PLC related costs , increased marketing spend and the return to business as usual operating costs . In line with our usual trading patterns EBITDA margins are stronger in the second half PBT of £ 61.3m up 46 % or 37 % on an adjusted basis As part of our commitment to be net zero by 2030 , we have further expanded our sustainability team and in October we committed to a 1.5 ° C trajectory with the Science Based Targets initiative ● Declaration of our inaugural interim dividend , at 1.22p per share , equating to a 25 % earnings payout ratio