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Boohoo doubles profits in ‘momentous’ year

Boohoo has more than doubled profits for the year to 28 February 2017.

Boohoo June 2016  1

Boohoo June 2016 1

In the year in which the retailer bought womenswear etailers PrettyLittleThing and NastyGal, operating profit rose 101% to £30.3m, EBITDA increased 90% to £35.6m, while revenues rose by 51% to £294.6m, for the Boohoo group as a whole.

Commenting on the results, joint CEOs Mahmud Kamani and Carol Kane said: “It has been a momentous year for us, with strong results and the acquisitions of PrettyLittleThing on 3 January 2017 and the Nasty Gal brand on 28 February 2017.”

”Both brands have huge potential and the acquisitions represent a step change in the size, structure and operation of the group. We are confident that our expertise combined with the strength and following of our new complementary brands will greatly enhance the group’s future growth and profitability.”

Revenues for the Boohoo division of the company rose 45% to £283.4m for the year, fuelled by strong growth internationally. UK revenues were up 33%, while US revenues rose 140%. Overall, 39% of Boohoo’s revenue now comes from outside the UK.

Boohooman also performed strongly: menswear sales doubled year on year.

Overall, reported a 29% increase in active customers to 5.2 million. The number of orders rose by 33% to 11.1 million.

PrettyLittleThing, which was bought by Boohoo for £3.3m in December, is also performing well. It contributed two months’ revenue to the overall results since the acquisition was completed on 3 January. Revenue growth for the first two months of the year for PrettyLittleThing were up 264% to £11.2m.

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