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Boohoo full year profit up 40%

Boohoo, the online fashion retail group, has seen its pre-tax profit climb by 40% to £43.3 million in what it described as an outstanding year.

FASHION

Boohoo full year profit up 40%

Boohoo, the online fashion retail group, has seen its pre-tax profit climb by 40% to £43.3 million in what it described as an outstanding year.

In the year to 28 February, group revenue rose by 97% to £579.8 million. This included 95% growth in the UK and an uplift of 99% overseas.

At Boohoo revenue rose by 32% to £374.1 million while the Pretty Little Thing brand, which has been integrating into the group, increased its revenue by 228% on a 12-month comparative period to £181.3 million. Meanwhile, revenue at the group’s recently acquired Nasty Gal brand was £24.4 million.

Mahmud Kamani and Carol Kane, joint chief executives of Boohoo, said: "The group made great progress during the year, integrating a new company, Pretty Little Thing, and a new brand, Nasty Gal, into the Boohoo group.

“Revenue from Boohoo continued to grow strongly, whilst there has been an exceptional performance from Pretty Little Thing, and Nasty Gal exceeded our estimates in its first year.

“Against a backdrop of difficult trading in the UK clothing sector, the group continued to perform well, gaining market share in the expanding online sector. Our international business showed higher growth rates and we are pleased with its gathering momentum.”

During the period, Boohoo grew its number of active customers by 22% while Pretty Little Thing saw an uplift of 228%.

The group said trading in the first few weeks of the new financial year has been “strong” and that it expects group revenue growth for the full year to be between 35% and 40% with an adjusted EBITDA margin of between 9% to 10%.

It also announced that Pretty Little Thing will move into its own warehouse during the first half. Kamani and Kane added: “This represents a significant milestone as we develop a distribution network capable of generating £3 billion of net sales globally, in line with our vision to lead the fashion ecommerce market."

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