Boohoo reports rising revenues, profits
Written by Peter Walker
Boohoo has reported a revenue rise of 48 per cent to £856.9 million in the year to 28 February, while pre-tax profit was also up 38 per cent to £59.9 million.
Turnover increased 37 per cent in the UK and 64 per cent in international markets.
Meanwhile, the group’s PrettyLittleThing brand saw revenue go up by 107 per cent to £374.4 million, while Nasty Gal saw sales increase 96 per cent to £47.9 million. Boohoo sales grew by 16 per cent to £434.6 million.
The report stated that revenue growth is expected to be between 25 and 30 per cent over the next 12 months, with an adjusted earnings margin of around 10 per cent and capital expenditure in the region of £50 to £60 million. In the medium term, the online retailer is targeting sales growth of 25 per cent.
“I am very excited to have joined the Boohoo group at this key stage of its growth, with the group’s disruptive and proven business model having delivered yet another excellent set of financial and operational results,” said chief executive John Lyttle, who replaced joint chief executives Mahmud Kamani and Carol Kane in March, with the duo becoming executive chairman and executive director respectively.
“This has confirmed my belief and optimism that the group’s investments into its brands and infrastructure have allowed it to develop a scalable multi-brand platform that is well-positioned to disrupt, gain market share and capitalise on what is a truly global opportunity,” he added.