// Boohoo on track to surpass profit and revenue forecasts for the year
// It posted a 44% jump in revenues to £473.7m for the 4 months to December 31
// Boohoo said it was pleased with growth across its core brands as well as recently acquired Karen Millen, Coast & MissPap
// Meanwhile, Brian Small is appointed deputy chairman of the board with immediate effect
Boohoo is on track to surpass profit and revenue forecasts for the year after it posted another set of impressive results in its latest trading update.
For the four month period ending December 31, which includes the peak Christmas trading period, overall sales at the online fashion retail group soared by 44 per cent year-on-year to £473.7 million.
For the 10 months of the year to date, sales also soared by 44 per cent year-on-year to £1.03 billion.
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Boohoo said it was pleased with growth across its core retail fascias – PrettyLittleThing Nasty Gal and Boohoo – as well as recently acquired brands Karen Millen, Coast and MissPap.
The results mark is the latest in a series of profit upgrades by the Manchester-based firm which has grown rapidly in recent years despite wider challenges in the retail industry.
In Boohoo’s UK market alone, overall sales in the four-month period surged 42 per cent year-on-year to £255.8 million.
For its Rest of Europe market, sales shot up by 57 per cent during the same period to £69.6 million.
Sales also skyrocketed by 57 per cent year-on-year in the US, with figures for the period coming in at £110.6 million.
Meanwhile, for Boohoo’s Rest of World sales for the period increased 13 per cent year-on-year to £37.7 million.
Boohoo said it now expected to deliver revenue growth of between 40 per cent and 42 per cent for the year to February 2020, well ahead of its previous range of between 33 per cent and 38 per cent growth.
It added that profit margins are expected to be between 10 per cent and 10.2 per cent, just ahead of its previous forecast of 10 per cent.
The Boohoo brand saw sales jump 42 per cent over the past four months to £232.6 million, while sales for its PrettyLittleThing fascia increased by 32 per cent to £190.8 million for the period.
Fast-growing brand Nasty Gal continued to see sales surge, with revenues for the period skyrocketing 102 per cent to £41.5 million.
Meanwhile, Boohoo lauded the “successful integration” of the three brands it acquired last year: MissPap, Karen Millen and Coast.
Boohoo purchased Karen Millen and Coast in an £18.2 million pre-pack administration deal in August, before shutting down its 32 physical retail stores and launching the brands online in October.
MissPap was acquired in March last year for an undisclosed sum.
“I am delighted to report the group has enjoyed record trading in the last four months of 2019,” Boohoo group chief executive John Lyttle said.
“All of our brands have performed exceptionally well and delivered strong market share gains.
“We have continued to see operating leverage in our more established brands and will continue to invest into them and our newly-acquired brands.
“The newly-acquired brands, MissPap, Karen Millen and Coast, are showing great promise and open different target markets for the group, in line with our strategy to build our multi-brand platform.”
In a separate announcement, Boohoo said it named former JD Sports finance boss Brian Small, a current non-executive director, as its new deputy chairman.
With PA Wires
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