// Boohoo Group’s full-year pre-tax up 54% to £92.2, sales up 44% to £1.23bn
// Since the start of the current year trading was mixed due to coronavirus but trading has since improve in April
// Boohoo’s warehouse teams have adapted to a new way of working to comply with social distancing measures
Boohoo Group suffered a “marked” fall in sales last month as the coronavirus crisis deepened but trading has since improved, as it posted a surge in full year profits and sales.
The online retail group – which owns PrettyLittleThing, NastyGal, MissPap, Karen Millen, Coast and Boohoo – said it was seeing “improved” year-on-year growth of over sales during April after “mixed” results in March as a result of the coronavirus pandemic.
The update comes as Boohoo reported a 54 per cent surge in pre-tax profits to £92.2 million for the year to February 29 as sales jumped 44 per cent to £1.23 billion.
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On an underlying basis, annual pre-tax profits lifted 42 per cent to £108.3 million.
The fashion retailer’s international revenue comprised 45 per cent of its overall sales during the year, compared to 43 per cent the previous year.
Full-year revenue at flagship retailer Boohoo increased 38 per cent to £600.7 million.
Sales also increased at PrettyLittleThing, up 38 per cent to £516 million.
For Nasty Gal, sales more than doubled, full-year sales skyrocketing 106 per cent to £98.8 million.
As a result of the uncertainty from the pandemic, Boohoo Group said it was “not appropriate to provide guidance for the financial year ending 28 February 2021” but said the business has “sufficient financial headroom” to weather various possible scenarios.
The online retail giant added that its warehouse teams “have adapted to completely new way of working” to comply with social distancing measures.
It also said it has continued to pay suppliers for all orders and has set up an emergency fund to help suppliers through the pandemic.
“Whilst recent events have understandably overshadowed what has been a great year for Boohoo, they have also highlighted its key strengths,” Boohoo Group chief executive John Lyttle said.
“Our business is founded on our ability to be agile and flexible, and it is at times like this when these abilities are tested and I am proud of how our colleagues and business partners from around the world have responded to the challenges posed by this pandemic.
“Although there is near-term uncertainty in the markets that we operate in, the group is underpinned by its incredibly strong balance sheet and is well-placed to leverage its scalable multi-brand platform and to continue to disrupt fashion markets around the world.”
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