Boohoo festive revenue up 44% to £478m

Manchester-based online fashion giant Boohoo Group plc said on Tuesday its revenue rose 44% to £473.7 million in the four months to December 31 as the firm upgraded its full-year guidance.

Boohoo shares rose almost 5% to around 333p to give the firm a current stock market value of around £3.7 billion.

“Group revenue growth for the financial year to 29 February 2020 is expected to be 40% to 42%, ahead of our previous guidance of 33% to 38%,” said Boohoo.

The group said its Boohoo brand grew revenue 42% to £232.6 million during the four-month period, with year-to-date revenue up 38% to £513.7 million.

Revneu at its PrettyLittleThing business rose about 32% to £190.8 million in the period, with year-to-date revenue up 37% to £428.4 million.

And its Nasty Gal business saw revenue soar 102% in the period to £41.5 million, with year-to-date revenue up 123% to £85.3 million.

Boohoo Group CEO John Lyttle said: “I am delighted to report the group has enjoyed record trading in the last four months of 2019.

“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.”

Boohoo also said on Tuesday it appointed Brian Small as deputy chairman with immediate effect.

“Brian is an existing independent non-executive director, appointed in April 2019, and currently serves as chair of the group’s audit committee,” said Boohoo.

“Brian, in his role as deputy chairman, will lead the non-executive directors on matters where independence is required, as outlined in the group’s 2019 annual report, assisting group executive chairman Mahmud Kamani.

“Brian will continue to perform his duties as chair of the audit committee until the financial accounts for FY 2019/20 are finalised and published and a new audit committee chair can be appointed.

“Brian has extensive board expertise having previously served for 15 years as CFO of JD Sports plc.

“Prior to this, he held various executive positions at businesses including Intercare Group plc, Knightlow Group Limited, and Barr and Wallace Arnold Trust plc, amongst others.

“Brian is currently audit chair and a trustee of Retail Trust, a leading retail industry charity.

“His other non-executive positions include Pendragon plc and Mothercare plc, where he also holds the position of audit chair.

“Brian qualified as an accountant with Price Waterhouse in 1981.”

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