Boohoo has ramped up sales and profits in the year ended February 29 thanks to growth in the UK and overseas, as well as an expanded product range.
Boohoo spring 16
The fast fashion etailer reported sales increased 40% to £195.3m year-on-year while gross profit grew by 33% to £112.9m.
Gross margin fell by 300 basis points to 57.8% during the period.
The retailer said adjusted EBITDA was up 32% on the previous year to £18.7m and it ended the year with £58.3m and no debt.
The number of active customers rose by 34% to four million and it launched UK, US and Australian apps, as well as responsive websites within Europe.
UK sales rose by 37%, the rest of Europe by 25% and the rest of the world by 56% year-on-year, while a third of revenues were generated outside of the UK by the year end.
Joint chief executives Mahmud Kamani and Carol Kane pointed to strong growth from its new petite range and plus-size range, which was introduced last year.
“We have had an encouraging start to the 2017 financial year and we currently anticipate sales growth of circa 25% for the financial year, in line with current market expectations.”
They said the business will continue to look at opportunities to invest in incremental growth, which may impact margins on a short-term basis, although it will look to maintain EBITDA margins at a similar level to the 2016 financial year.