Boohoo sales soar as all brands and markets post strong growth
Boohoo Group posted sales up 48% to £856.9m in the year to 28 February with profit before tax up 38% to £59.9m.
The Manchester-based online fast fashion group said it had achieved strong revenue growth across all brands and all geographies with the UK up 37% and international up 64%.
PrettyLittleThing, which was co-founded by Umar Kamani the son of Boohoo co-founder Mahmud Kamani, was once again the star performer with growth of 107% and sales of £374.4m, not far behind flagship brand Boohoo at £436.4m.
|Brand||Revenue||% increase y-o-y||Gross margin||Active users||% increase y-o-y|
The results are the first to be announced since the appointment of former Primark COO, John Lyttle, as CEO. He replaced former joint CEOs Mahmud Kamani and Carol Kane who stepped into the roles of executive chairman and executive director respectively.
He said of the announcement: “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. 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.”
The group said trading in the first few weeks of the new financial year had been "encouraging" and said it expected revenue growth for the financial year ahead to be 25% to 30% with an adjusted EBITDA margin of around 10% and capital expenditure in the region of £50m to £60m.