Boohoo hails 'excellent' full year results
Fashion retail group Boohoo has reported what it described as an excellent set of full year results with pre-tax profit climbing by 38% to £58.9 million.
In the year to 28 February, revenue increased by 48% to £856.9 million as UK revenue and international sales rose by 37% and 64% respectively.
Revenue at Boohoo climbed by 16% to £434.6 million while revenue at the group’s Pretty Little Thing brand surged by 107% to £374.4 million.
Meanwhile, revenue at Nasty Gal rose by 96% to £47.9 million.
John Lyttle, Boohoo’s recently joined chief executive, said: "I am very excited to have joined the Boohoo Group at this key stage of its growth, with the group's disruptive and proven business model having delivered yet another excellent set of financial and operational results.”
During the year, Boohoo completed an extension to its Burnley distribution centre with automation going live this month. It also relocated Pretty Little Thing's distribution to a larger facility in Sheffield.
Looking at more recent trading, Boohoo said its performance in the first few weeks of the new financial year had been “encouraging” and that group revenue growth for the full year is expected to be 25% to 30% with an adjusted EBITDA margin of around 10%.
Lyttle added: “In my short time within the business, I am delighted to have been able to meet a number of hugely talented people and have already been able to see many parts of the business. This has confirmed my belief and optimism that the group's investments into its brands and infrastructure have allowed it to develop a scalable multi-brand platform that is well-positioned to disrupt, gain market share and capitalise on what is a truly global opportunity."
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