Boohoo 'disruption' results in rising revenues
Written by Peter Walker
Boohoo has reported revenue for the year to 31 May of £254.3 million, up 39 per cent year-on-year. Specifically, UK revenue grew by 27 per cent, while internationally it was up by 56 per cent.
The group’s eponymous brand reported revenue of £123.5 million, up 27 per cent year-on-year, PrettyLittleThing’s first quarter revenue was up 42 per cent to £112.1 million year-on-year. Meanwhile, Nasty Gal’s revenue rose by 153 per cent to £18.2 million.
Overall, the fashion retail group is expecting revenue growth of 25 to 30 per cent, with an adjusted earnings margin of around 10 per cent for the full year. While gross margin dipped slightly to 55 per cent, the group stated that net cash stood at £194 million.
The quarter also saw Boohoo acquire the brand and intellectual property of fast-fashion brand MissPap.
Group chief executive John Lyttle commented: “The group has made a strong start to the year, as we continue to disrupt and capture market share in the UK and internationally across all our brands.
“We have ambitious plans for the group, and continue to invest to ensure that our scalable multi-brand platform is well-positioned to disrupt, gain market share and capitalise on the global opportunity in front of us.”
Last week, the company appointed Jo Graham as chief information officer, poaching her from a technology leadership role at Morrisons to replace long-term incumbent Harry Dixon.
Earlier this week, a claim for £118.5 million against Boohoo co-founder Mahmud Kamani was filed by a man who argues he created the company’s website.