- Prachi Singh |
Boohoo Group plc reported strong revenue growth of 44 percent across all key geographic regions to 473.7 million pounds (614.8 million dollars) for the four months ended 31 December 2019. The company said in a statement that gross margin for the four months was 53.5 percent, down 70 bps. Boohoo revenue of 232.6 million pounds (301.8 million dollars), rose 42 percent, while year-to-date revenue of 513.7 million pounds (666.5 million dollars), was up 38 percent. Gross margin for the four months of 52 percent, was down 20bps.
Commenting on the trading update, John Lyttle, the company’s CEO, 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. 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 Group posts revenue growth across brands
Revenues at PrettyLittleThing of 190.8 million pounds (247.5 million dollars), increased 32 percent or 31 percent CER, while year-to-date revenue of 428.4 million pounds (555.7 million dollars), was up 37 percent or 36 percent CER. Gross margin for the four months of 55.1 percent, was down 130bps.
Nasty Gal revenue of 41.5 million pounds, increased 102 percent and year-to-date revenue of 85.3 million pounds, was up 123 percent or 125 percent CER. Gross margin for the four months of 54.3 percent, was down 10bps.
The company added that group revenue growth for the financial year to February 29, 2020 is expected to be 40 percent to 42 percent, ahead of our previous guidance of 33 percent to 38 percent. The company expects group adjusted EBITDA margin to be 10 percent to 10.2 percent, ahead of previous guidance of around 10 percent. The company further said that all other guidance for the current financial year and its medium term guidance to deliver sales growth of 25 percent per annum and 10 percent EBITDA margin remains unchanged.
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