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Boohoo ups guidance following 'record trading'

Boohoo Group has raised its full-year guidance after sales rocketed during the final quarter of last year.

The Manchester-based group now expects group revenue growth for the financial year to 29 February to be up 40% to 42% on 2019/20, ahead of previous expectations of 33% to 38%.

Group total revenue rose by 44% to £474.7m in the four months ending 31 December 2019.

Gross margin for the four months was 53.5%, down 70 basis points on the previous year.

Revenue at flagship brand Boohoo was up 42% to £232.6m during the same period and by 32% to £190.8m at PrettyLittleThing. Revenue at Nasty Gal was up by 102% to £41.5m.

In the four months UK sales across the group were up 42%, the rest of Europe was up 57%, US sales were also up 57% and the rest of the world were up 13% compared to 2018.

Group CEO John Lyttle said: “We have continued to see operating leverage in our more established brands and will continue to invest into them and our newly-acquired brands. The newly-acquired brands, MissPap, Karen Millen and Coast, are showing great promise and open different target markets for the group, in line with our strategy to build our multi-brand platform.”

Boohoo Group has appointed Brian Small, formerly the chief financial officer of JD Sports, as deputy chairman of its board with immediate effect. Small will assist group executive chairman Mahmud Kamani and lead non-executive directors on ”matters where independence is required.”

 

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