Revenue and profits soared at Boohoo Group in the year to 29 February 2020, and the fast fashion giant said a strong balance sheet will help it weather the coronavirus pandemic.
Group revenue was up 44% year on year to £1.23bn. Profits before tax rose by 54% to £92.2m.
The group said trading since the middle of March has been “mixed” as a result of the coronavirus pandemic.
Although initially there was a marked decrease in year-on-year growth, trading performance has improved in recent weeks and it is now seeing improved year-on-year growth sales in April.
CEO John Lyttle said: “While 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.”
Boohoo Group added that its warehouse teams “have adapted to completely new way of working” to comply with social distancing measures.
It also said the group has continued to pay suppliers for all orders and has set up an emergency fund to help suppliers through the pandemic.
Boohoo Group also announced the appointment of Kath Smith to the board as an independent non-executive director with effect from 1 May. Smith is currently non-executive director of JD Sports Fashion.
She has previously held directorships or partnerships at Adidas UK and Ireland and Reebook Ireland.
Sara Murray will step down as non-executive director. Murray chairs the company’s nomination committee and is senior independent director. Brian Small, deputy chairman will be appointed to these positions with effect from today.
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