Boohoo set to post profits leap, say analysts
Analysts anticipate a near 55% leap in profits, to £66.7m, when Boohoo group posts is annual figures on Wednesday.
The Manchester-based online fast fashion group, which also owns the PrettyLittleThing and Nasty Gal brands, is expected to achieve revenues of £844m, up 45.6%, The Times reports.
Boohoo recently welcomed a new CEO, John Lyttle from Primark, and its former joint CEOs Mahmud Kamani and Carol Kane took up the new roles of executive chairman and executive director respectively. Its former chairman Peter Williams paired up with Julian Dunkerton to support the founder in his bid to return to Superdry and has taken up the role of chairman there.
Such profits would prove to be a stark contrast to those of its larger rival ASOS, which recently posted an 87% plunge in half-year profits to £4m due to increased costs from the addition of more warehousing and the effects of a tough, promotional market. ASOS sales for the half year, however were up by 14% to £1.3bn in the six months to 28 February.