Boohoo lifts revenue outlook on strong end to year

Thu, 14th Jan 2021

Online retailer Boohoo upgraded its outlook on performance as revenue rose 40% in the four months through the end of December. Following the strong peak trading performance, the company raised its guidance on revenue for the financial year to 28 February 2021, to a range of 36% to 38%, from its previous guidance of 28% to 32%. The adjusted earnings before interest, taxes, depreciation and amortisation, or EBITDA, margin guidance for the year was maintained at around 10%. In the four months to 31 December, revenue rose 40% to £660.8 million, with UK revenue up 40% to £357.2 million. The retailer said it was close to finalising an extension of UK warehousing capacity, with a new site to open in April 2021, creating up to 1,000 jobs. Boohoo said a report overseeing its agenda for change programme, following a probe into accusations last year of poor working conditions for employees at supplier factory in Leicester, had acknowledged 'the pace with which boohoo is making towards effecting change, while noting that recommendations remain work in progress.' The company had removed 64 suppliers the its UK supplier list, with further investigations ongoing. Story provided by StockMarketWire.com

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