Dr Martens returns government furlough money after ‘resilient’ trading
British shoe brand Dr Martens has returned money from the government’s coronavirus job retention scheme due to resilient trading during the pandemic.
Dr Martens, which closed all of its stores in Europe, the Middle East, Africa and America from 16 March, said it had repaid the funds from the UK government furlough scheme.
UK-based retail and manufacturing teams were temporarily laid off until stores were reopened in June, with the government covering 80 per cent of salaries.
In a statement today Dr Martens said: “Given the resilience in trading and financial strength of the business, the board took the decision to return the taxpayer funds utilised from the UK Government furlough scheme, and these funds have now been repaid.”
In the year ended 31 March, which covered the first few weeks of the coronavirus pandemic in the UK, Dr Martens said revenue jumped 48 per cent to £672.2m.
Underlying earnings before interest, tax, depreciation and amortisation (Ebitda) soared 93 per cent to £164.4m.
Operating profit was up 110 per cent to £142.5m during the financial year.
Chief executive Kevin Wilson said: “The last few months have been a very challenging time for everyone and I am extremely proud of the resilience and commitment our teams have shown, which has enabled us to continue delivering for our customers throughout the pandemic.
“Looking ahead, while we are currently in a volatile and uncertain trading environment, we have a very clear strategy in place supported by a strong brand and consumer connections, and I am confident in the outlook for the business.”