Boohoo reports surge in sales for FY20

Boohoo has reported a 44% increase in revenue during the financial year ending 29 February 2020, recording a pre-tax profit £92.2 million. The online fashion retailer also said that whilst there was an initial decrease in sales from mid-March as the Covid-19 pandemic developed, it has since recovered, with a year-on-year growth in sales reported so far in April.

There were strong growth figures for every brand contained within the online fashion retail group’s portfolio displayed in its financial statement. For Boohoo, revenue increased by 38% to £600.7 million; for PrettyLittleThing there was also a revenue growth of 38% to £516.3 million; and for Nasty Gal, there was a 106% increase in revenue, to £98.8 million.

The multiplatform retailer also reported a substantial rise in active users across the brands compared with the previous year: 28% at Boohoo, 26% at PrettyLittleThing, and 88% at Nasty Gal.

The group said it would not be providing financial guidance for the financial year ending 28 February 2021 at this stage due to the uncertainty surrounding the current Covid-19 pandemic. However, its eCommerce model has enabled it to continue trading during the crisis, in line with government guidance.

John Lyttle, CEO of Boohoo Group said: "Whilst 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."

Whilst clothing and fashion retailers have been hit particularly hard by the Covid-19 lockdown, there are signs that consumers are now starting to purchase products online in this area over recent weeks.

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