12th Jun 2019 08:13
(Alliance News) - boohoo Group PLC on Wednesday reported a strong performance for the first quarter of its financial year, with revenue growth across all geographies.
Total revenue for the three months to the end of May rose by 39% to GBP254.3 million from GBP183.6 million the year before. Revenue also grew by 39% on a constant currency basis.
Regionally, the UK remained the largest contributor to revenue, rising by 27% to GBP140.6 million from GBP110.7 million a year prior.
The Rest of Europe region saw the highest rate of growth, increasing by 72% to GBP38.2 million from GBP22.3 million year-on-year.
Revenue from the US grew by 64% to GBP51.3 million from GBP31.4 million, while the Rest of World generates sales of GBP24.2 million, a 26% rise from GBP19.2 million.
The group's gross margin for the quarter, however, dipped to 55.0% from 55.2% a year before.
Looking ahead, boohoo said it continues to expect revenue growth to be 25% to 30% for the year to the end of February 2020, with an adjusted earnings before interest, taxes, depreciation and amortisation margin of 10%.
For its last financial year, boohoo reported adjusted Ebitda of GBP84.5 million on revenue of GBP856.9 million.
"The group has made a strong start to the year as we continue to disrupt and capture market share in the UK and internationally across all our brands," said Chief Executive Officer John Lyttle.
"We have ambitious plans for the group, and continue to invest to ensure that our scalable multi-brand platform is well-positioned to disrupt, gain market share and capitalise on the global opportunity in front of us," Lyttle added.
Shares in boohoo were down 5.2% at 218.14 pence on Wednesday in London.
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