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Boohoo first quarter revenue up 32%

Online fashion retailer Boohoo saw its revenue increase by 32% to £486.1 million in its first quarter after it experienced strong sales growth in its key… View Article

FASHION RETAIL NEWS UK

Boohoo first quarter revenue up 32%

Online fashion retailer Boohoo saw its revenue increase by 32% to £486.1 million in its first quarter after it experienced strong sales growth in its key markets of the UK and US.

In the three months to 31 May, UK and US revenue climbed by 50% and 43% respectively, although in the rest of Europe and the rest of the world there were respective sales falls of 14% and 15%.

Despite the strong start to the year, the retailer’s guidance for the year ending 28 February 2022 remains unchanged, with revenue growth of around 25% and adjusted EBITDA margins expected to be in the region of 9.5% to  10%.

John Lyttle. Boohoo chief executive, said: “I am delighted with our performance in the first quarter, particularly as it was always going to be challenging to produce strong growth rates on last year, when lockdowns around the globe drove such high traffic to online retailers. The two year CAGR of 38% highlights the group’s continued phenomenal growth, with revenues having increased 91% over the last two years, with particularly strong performance in key markets such as the UK and US, where sales have more than doubled.”

During the period, Boohoo integrated and relaunched its newly acquired Dorothy Perkins, Wallis and Burton brands and also relaunched Debenhams as a digital department store following its acquisition from administrators in January.

Looking ahead, Lyttle said: “Our ongoing investment in infrastructure and our platform leaves us well placed to maximise the opportunities for growth as we build the business for the future.”

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