Boohoo reports 54% rise in pre-tax profits in FY results
Online fashion retailer Boohoo has reported a 54% rise in pre-tax profit to £92.2m compared with £59.9m last year.
In its full year results ended 29 February 2020, Boohoo reported a 44% increase in revenues to £1.2bn compared with £857m in the same period in 2019.
Gross profit increased by 42% to £666m from £469m in 2019, the retailer also saw adjusted EBITDA increase by 50% to £126.5m compared with £84.5m in 2019.
During the year, the group completed the acquisition of high street retailers Coast and Karen Millen, alongside online fashion retailer Miss Pap. Boohoo, which owns online retailers Pretty Little Thing and Nasty Gal also saw an 88% increase in active users on its Nasty Gal website and reported a 28% increase on its Boohoo site.
Boohoo said its “top priority” remains the health and wellbeing of its colleagues, customers, and the suppliers amid the Covid-19 crisis. It said: “From the outset of the pandemic, we have been closely following the government initiatives that support businesses and the public. We have been following all guidance regarding self-isolation, social distancing and personal hygiene in order to keep everyone in our Boohoo family safe and well.”
Boohoo also announced the “vast majority” of its office-based teams are working remotely and its warehouse staff has adapted to “completely new ways of working” to ensure that the social distancing procedures are being followed.
John Lyttle, CEO said: “Whilst recent events have understandably overshadowed what has been a great year for boohoo, they have also highlighted its key strengths. Our business is founded on our ability to be agile and flexible and it is at times like this when these abilities are tested, and I am proud of how our colleagues and business partners from around the world have responded to the challenges posed by this pandemic.
“Although there is near-term uncertainty in the markets that we operate in, the group is underpinned by its incredibly strong balance sheet and is well-placed to leverage its scalable multi-brand platform and to continue to disrupt fashion markets around the world.”
