Boohoo posts bumper full year sales & profits haul

Boohoo profits
// Boohoo has unveiled a bumper profits haul as full-year sales continue to surge
// Revenue grew 48% to £856.9m while pre-tax profit jumped 38% to £59.9m
// Turnover was up 37% in the UK and 64% in international markets.

Boohoo has recorded bumper annual profits as full-year sales continue to surge at the online fast fashion retailer.

The firm saw overall revenue skyrocket by 48 per cent to £856.9 million in the year to February 28, while pre-tax profit jumped 38 per cent to £59.9 million.

Meanwhile, turnover increased 37 per cent at home in the UK and a whopping 64 per cent in international markets.

The figures also showed that revenue at Boohoo’s PrettyLittleThing fascia shot up by 107 per cent to £374.4 million while Nasty Gal saw sales increase 96 per cent to £47.9 million.

Sales at the eponymous Boohoo fascia grew 16 per cent to £434.6 million.

Boohoo added that trading in the first few weeks of the new financial year has been “encouraging”.

It expects revenue growth over the next 12 months to be 25 per cent to 30 per cent with an adjusted earnings margin of around 10 per cent and capital expenditure in the region of £50 million to £60 million.

In the medium term, the online retailer is targeting a 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 stepped into the role last month.

“In my short time within the business, I am delighted to have been able to meet a number of hugely talented people and have already been able to see many parts of the business.

“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.”

Lyttle replaced joint chief executives Mahmud Kamani and Carol Kane in March, with the duo now taking up the roles of executive chairman and executive director respectively.

Boohoo was founded in Manchester in 2006 but it wasn’t until 2017 that it acquired PrettyLittleThing and Nasty Gal.

It now has more than 11 million customer accounts across its brands worldwide.

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