Boohoo posts strong sales and profit uplift
Online fashion retailer Boohoo has seen its full year pre-tax profit rise by 35% to £124.7 million after achieving strong revenue growth across all of its territories.
In the year to 28 February, group revenue climbed by 41% to £1.745 billion as UK sales rose by 39%. International sales were also strong, rising by 44% to account for 46% of the retailer’s sales in the period.
Meanwhile, adjusted EBITDA came in at £173.6 million, which was 37% higher than in the previous year.
John Lyttle, Boohoo chief executive, said: “FY21 has been a year of significant investment for the group as we build a platform for the future and I am very pleased to report a strong financial performance. Our established businesses have continued to grow across all territories as we gain market share with our compelling consumer proposition.
“We have also invested in improving the oversight and transparency of our supply chain and we are committed to embedding positive change through our ambitious UP.FRONT sustainability strategy. As we build for the future, we continue to invest across our platform, people and technology to further cement our position as a leader in global fashion ecommerce.”
During the period, Boohoo completed over £250 million worth of acquisitions including Oasis, Warehouse, Dorothy Perkins, Burton and Wallis, as well as a remaining minority interest in Pretty Little Thing. It also acquired Debenhams’ online business for £55 million from the department store’s joint administrators and purchased a new office in London’s West End.
Looking ahead, Boohoo founders Mahmud Kamani and Carol Kane said: “Over the last year the group has made great progress, delivering another set of record results despite the challenges posed by the Covid-19 pandemic. Heading into the new financial year, we are excited about the global opportunities for our brands as we build for the future and invest in enhancing our technology and platform to allow the group to deliver on its growth potential.”
