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Boohoo full year profits climb by 54%

Online fashion group Boohoo has increased its annual pre-tax profit by 54% to £92.2 million in what it described as a great year. In the 12… View Article

FASHION

Boohoo full year profits climb by 54%

Online fashion group Boohoo has increased its annual pre-tax profit by 54% to £92.2 million in what it described as a great year.

In the 12 months to 29 February, revenue climbed by 44% to £1.235 billion.

The company said it had seen strong revenue growth across all geographical markets with UK revenue up 39% and international revenue rising by 51%.

Revenue at Boohoo increased by 38% to £600.7 million while revenue at Pretty Little Thing climbed by 38% to £516.3 million. The company’s Nasty Gal brand also experienced strong sales growth with an uplift of 106% to £98.8 million.

Giving an update on sales since the start of the coronavirus crisis, Boohoo said trading has been mixed since the middle of March and that it initially experienced a marked decline in year-on-year growth.  The group said its performance has improved in recent weeks but warned that it remains cautious regarding its outlook due to the uncertainty caused by the pandemic.

John Lyttle, Boohoo chief executive, said: “Whilst recent events have understandably overshadowed what has been a great year for Boohoo, they have also highlighted its key strengths.

“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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