14th Jan 2020 08:59
(Alliance News) - Boohoo Group PLC said Tuesday it has raised its annual guidance as a result of strong revenue growth and appointed former JD Sports Fashion PLC chief financial officer as new deputy chair.
In a trading statement for the four months ended December 31, the online fast fashion retailer said its revenue increased by 44% to GBP473.7 million from GBP328.2 million a year ago.
As a result, boohoo said it now expects revenue growth for financial year to February 29 to be 40% to 42%, ahead of its previous guidance of 33% to 38%.
The company also said it expects adjusted earnings before interest, taxes, depreciation and amortisation margin to be 10% to 10.2%, ahead of its previous guidance of around 10%.
Boohoo also said it has successfully integrated and re-launched newly-acquired brands MissPap, Karen Millen and Coast onto its multi-brand platform.
John Lyttle, chief executive officer, said: "All of our brands have performed exceptionally well and delivered strong market share gains. We have continued to see operating leverage in our more established brands, and will continue to invest into them and our newly-acquired brands."
"The newly-acquired brands, MissPap, Karen Millen and Coast, are showing great promise and open different target markets for the group, in line with our strategy to build our multi-brand platform."
In a separate statement, Boohoo announced appointment of Brian Small as deputy chair with immediate effect.
Small, who has served as CFO of JD Sports for 15 years, is an existing non-executive director and currently serves as chair of the group's audit committee.
In his new role he will "lead the non-executive directors on matters where independence is required", assisting co-founder and existing Executive Chair Mahmud Kamani.
boohoo shares were up 4.3% in London at 332.00 pence each on Tuesday.
By Loreta Juodagalvyte; [email protected]
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