// Boohoo Group expected to post a sales jump of around 42% to £1.22bn for the year to February
// It’s also forecast to post adjusted earnings before tax and interest of £123.6m
// However, shareholders are expected to turn their focus to Boohoo’s performance for the current period, during which the coronavirus crisis took a hold
Boohoo Group is set to unveil soaring sales for the past year, as investors await news of how the online fashion retail company has been affected by the coronavirus pandemic.
Analysts have backed the business – which owns PrettyLittleThing, Nasty Gal, MissPap, Coast, Karen Millen and Boohoo – to continue to outshine the wider market despite the outbreak, with its operations able to continue despite the government-mandated lockdown which has hammered high street rivals.
In its full-year trading update to be published this Wednesday, Boohoo Group is expected to post a sales jump of around 42 per cent to £1.22 billion for the year to February as shoppers continued to flock to its site.
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The Manchester-based group has announced a series of profit upgrades over the past year as online-only retailers have gone from strength to strength, despite challenges in the wider retail sector.
Most recently, in January it said it expected to deliver revenue growth of between 40 per cent and 42 per cent for the year to February 2020, a significant increase on its previous range of between 33 per cent and 38 per cent growth.
It is now expected to reach the higher echelons of this updated range, while analysts have predicted it would deliver adjusted earnings before tax and interest of £123.6 million after boosting profit margins.
However, shareholders are expected to now turn their focus to Boohoo’s performance for the current period during which the coronavirus crisis took a hold, with analysts predicting that sales could dive temporarily.
Experts at Peel Hunt said they have “cut forecasts to factor in a 25 per cent drop in sales this quarter”, with growth expected to be flat in the following three-month period.
Elsewhere, Bank of America analysts described Boohoo Group as the “best placed online retailer” to deal with coronavirus headwinds, highlighting that it has “higher margins” than its peers and an “agile supply chain”.
Boohoo said all of its warehouses were still operating after alterations to work within health and safety remits issued by the government.
Rival Asos said its group sales have slipped by 20 per cent to 25 per cent in the past three weeks after demand weakened in most markets.
In its last trading update in January, Boohoo Group reported a 44 per cent jump in revenues to £473.7 million for the four months to December 31 after a strong festive period.
with PA Wires