Dr. Martens PLC (STU:3U2)

€ 0.81 0.015 (1.89%) Market Cap: 794.85 Mil Enterprise Value: 1.22 Bil PE Ratio: 23.12 PB Ratio: 1.93 GF Score: 63/100

Q4 2023 Dr Martens PLC Trading Statement Call Transcript

Apr 14, 2023 / 07:00AM GMT

Release Date Price: €1.72 (+9.55%)

Transcript

Kenny Wilson

Dr. Martens plc - CEO

Good morning, everyone, and thank you for joining our FY23 Q4 update call. The focus of today's call will be to update you on our Q4 trading ahead of our full-year announcement in June and also demonstrate the strong progress we have made in resolving the issues at our Los Angeles distribution center.

Firstly, let me talk about trading. Revenue in the fourth quarter was up 6% on an actual currency basis and flat in constant currency. By channel, our direct-to-consumer business grew 20%, or 13% in constant currency, with wholesale down 4% year on year, which is 11% constant currency. This means, overall, that full-year revenue was up 10% on an actual currency basis and up 4% in constant currency, which was at the bottom end of our guidance range.

The costs associated with resolving the inventory issues at our Los Angeles distribution center and wholesale underperformance in Q4 means that full-year EBITDA is likely to be around GBP245 million, which is a disappointing number. Jon is going to provide more color on these numbers.

And I want to

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