Yahoo Finance Dr Martens returns furlough funds as revenues rise
Dr Martens has paid back furlough money to the Government, the footwear retailer said on Wednesday.
The boots maker, which has more than 100 stores, used the government’s job retention scheme for retail staff and manufacturing teams in the UK when the Covid-19 lockdown started.
It stopped accessing the scheme by the end of June as employees returned to work.
The company today 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”.
Dr Martens, owned by private-equity firm Permira, saw revenues rise 48% to £672.2 million in the year to March.
It cheered “exceptional” growth in its online business, with a strong digital performance in China, South Korea and Japan.
Chief executive Kenny Wilson said: “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.”
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