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Boohoo doubles its full year profit

Online fashion group Boohoo has seen its full year profits double as it enjoyed strong sales growth in the UK and US.

FASHION

Boohoo doubles its full year profit

Online fashion group Boohoo has seen its full year profits double as it enjoyed strong sales growth in the UK and US.

In the year to 28 February, pre-tax profit climbed to £30.9 million from £15.7 million in the prior year. Group revenue rose to £294.6 million from the previous £195.4 million.

Revenue at Boohoo increased by 45% to £283.4 million as the retailer enjoyed a 33% sales uplift in the UK and a 140% rise in the US. Sales in Europe and the rest of the world climbed by 50% and 40% respectively.

Earlier this year Boohoo acquired the Pretty Little Thing and Nasty Gal brands.

Boohoo joint chief executives Mahmud Kamani and Carol Kane said: "Both brands have huge potential and the acquisitions represent a step change in the size, structure and operation of the group. We are confident that our expertise combined with the strength and following of our new complementary brands will greatly enhance the group's future growth and profitability.

“The Boohoo brand has achieved outstanding revenue growth and increased profitability margins during the year. We continued to grow strongly in the UK, our largest market, whilst international growth exceeded our expectations, particularly in the USA. Our customer proposition is proving consistently appealing.”

The group said trading in the first few weeks of the 2018 financial year has been “promising”. It now expects group revenue growth approaching 50% over 2017, which includes growth from the recent acquisitions, and a group EBITDA margin of approximately 10%.

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