24th Apr 2019 09:17
LONDON (Alliance News) - Boohoo Group PLC on Wednesday said it expects up to 30% revenue growth in its current financial year as it is "encouraged" by the strong performance of its brands across all geographies.
The online fashion retailer reported 38% growth in pretax profit to GBP59.9 million in the year to the end of February compared to GBP43.3 million a year prior, as revenue rose 48% to GBP856.9 million from GBP579.8 million.
Revenue growth across all territories and brands was strong, the company noted, with UK revenue up 37% and international revenue up 64%.
The boohoo brand saw 7.0 million active customers during the year, up 9% on the prior year, following "significant" investments in customer service. Revenue improved by 16% to GBP434.6 million, with the breadth of the product range and continuous fresh introductions driving growth.
The PrettyLittleThing brand delivered more than doubled revenue of GBP374.4 million, as the relocation of the distribution centre to Sheffield in the summer was executed "extremely" well, with a low level of disruption to the business during the move. Exceptional costs associated with the move totalled GBP6.7 million.
The Nasty Gal brand also almost doubled its revenue to GBP47.9 million, as the product range has increased to over 8,000 styles.
Looking ahead, Boohoo said the continued "strong" growth of its brands across all geographic regions is "highly encouraging".
The company expects its revenue growth for the current financial year to be 25% to 30%. This guidance includes the adoption of the IFRS 16 accounting standard, which is expected to increase earnings before interest, taxes, depreciation, and amortization by GBP4 million to GBP5 million and be broadly neutral at a pretax profit level.
The stock was trading 2.1% higher on Wednesday at 221.50 pence a share.
Related Shares:
Boohoo