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Dr. Martens flags shipping delays in U.S. unit, posts higher profit

Published 09/12/2021, 07:34
Updated 09/12/2021, 08:17
© Reuters. FILE PHOTO: A pair of Dr. Martens shoes displayed at a shop in Singapore December 14, 2018. REUTERS/Edgar Su/File Photo
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(Reuters) -Boot brand Dr. Martens posted a higher first-half profit on Thursday, but warned that shipping delays in its U.S. business due to wider supply chain troubles will continue into the next fiscal year.

It still reported a 44% increase in half yearly revenues in the Americas, but sales in countries like Japan, China and Australia continued to be impacted by pandemic-related restrictions.

The company, known for its 1460 chunky boots with yellow stitching, said pretax profit jumped 46% to 61.3 million pounds ($80.95 million) for the six months ended Sept. 30. Revenue rose 16% to 369.9 million pounds.

"We have seen more positive weeks than negative weeks (in the first half) for our like-for-like stores in UK and USA, led by growing footfall and better conversion," Dr. Martens boss Kenny Wilson said.

The company, which made its stock market debut in London earlier this year, also said it plans to open 20 to 25 new stores in fiscal year 2022, adding to its 135 existing stores.

© Reuters. FILE PHOTO: A man wearing a protective face mask walks past the window of a

Dr. Martens, whose boots were worn by the likes of British guitarist Peter Townshend, reiterated its confidence in achieving market expectations for fiscal year 2022, assuming there are no country-wide lockdowns.

($1 = 0.7573 pounds)

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