Pre-tax profit doubles to 31 mn pounds at Boohoo
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Revenue of 294.6 million pounds (377 million dollars) at Boohoo.com increased 51 percent for the year ended February 28, 2017. Gross margin was 54.6 percent against 57.8 percent in 2016, while adjusted EBITDA of 35.6 million pounds (45.6 million dollars) was 12.1 percent of revenue, up 90 percent. Profit before tax of 30.9 million pounds against 15.7 million pounds last year (20.1 million dollars), increased 97 percent.
Commenting on the company’s annual results, Mahmud Kamani and Carol Kane, joint CEOs, said in a statement, "It has been a momentous year for us, with strong results and the acquisitions of PrettyLittleThing on January 3, 2017 and the Nasty Gal brand on February 28, 2017. We expect group revenue growth approaching 50 percent over 2017, which includes growth from the recent acquisitions and a group EBITDA margin of approximately 10 percent."
Boohoo revenues up 45 percent
Revenue of Boohoo of 283.4 million pounds rose 45 percent or 44 percent CER. Revenues in the UK were up 33 percent, while rest of Europe revenues rose 50 percent or 44 percent CER. Sales in USA were up 140 percent or (119 percent CER, rest of world up 40 percent or 42 percent CER. 39 percent of revenue was generated by geographies outside the UK.
Revenues at PrettyLittleThing for the period from January 3, 2017 of 11.2 million pounds (14 million dollars). The company witnessed a strong growth in revenue and active customers. Gross margin for the period was 57.5 percent.
Boohoo completes acquisition of PrettyLittleThings and Nasty Gal
The company completed acquisition of majority interest in PrettyLittleThing on January 3, 2017 and acquisition of the intellectual property of Nasty Gal on February 28, 2017.
Boohoo’s active customer base of 5.2 million increased 29 percent on prior year. The company launched apps in UK, USA and Australia and responsive websites were introduced for European sites, improving mobile and tablet offering. USA, Ireland and Europe websites were migrated to a new platform.
In shortPicture:Boohoo.com