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Boohoo Group sales rocket

Revenue at Boohoo Group climbed 48% to £856.9m for the year to 28 February, fuelled by soaring sales at PrettyLittleThing.

Group sales were up across all markets. The UK was up 37% on the previous year, while international sales increased by 64%.

Gross margin for the group increased to 54.7%, from 52.8% in 2017/18.

Adjusted EBITDA for the business also improved, up 49% to £84.5m. Profit before tax rose 38% to £59.9m.

The business said it had a strong balance sheet with net cash of £190.7m, up from £133m the previous year, and an operating cash flow of £111.9m, up from £76.2m in 2018. 

At the Boohoo fascia, revenue for the year increased by 16% to £434.6m and gross margin was up 170 basis points to 52.9%. Customer numbers increased 9% on last year to seven million.

PrettyLittleThing’s revenue soared 107% to £374.4m and gross margin improved by 140 basis points to 56.6%. Customer numbers jumped 50% to five million, as high profile celebrity endorsements drove traffic and the brand expanded internationally, particularly in the US.

Revenue at Nasty Gal increased by 96% to £47.9m and gross margin fell 290 basis points to 56.7%. The brand now has 900,000 customers, up 122%.

During the year, the group extended its Burnley distribution centre and automation went live earlier this month. Meanwhile, PrettyLittleThing’s distribution centre relocated to a larger facility in Sheffield.

On current trading, the group said the first few weeks of the financial year had been “encouraging”.

Group revenue growth for the 2019/20 financial year is expected to be 25% to 30%, with an adjusted EBITDA margin of around 10% and capital expenditure in the region of £50m to £60m.

The business said it will continue to make investments across the group and the benefits of being a multi-brand platform will continue to generate economies of scale, allowing it to target sales growth of 25% per annum, with an adjusted EBITDA margin of around 10% over the medium term.

Recently joined Boohoo Group CEO John Lyttle said: “This has confirmed my belief and optimism that the group’s investments into its brands and infrastructure have allowed it to develop a scalable multi-brand platform that is well-positioned to disrupt, gain market share and capitalise on what is a truly global opportunity.” 

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