Boohoo unveils record revenue and forecast-topping profits

12th Jun 2014 08:24

Newly floated online fashion retailer Boohoo.com racked up record annual revenues and profits ahead of expectations, although currency movements hit rest-of-world sales in the first quarter of the new financial year.Boohoo, which targets the 14-35 age bracket, posted a 63% rise in revenue in the year to February 28th of £109.8m, with a 60% increase in the UK, 78% in the rest of Europe and 65% in the rest of the world.Profit more than tripled to £10.7m and pro-forma pre-tax earnings before interest, depreciation and amortisation was £16m, which the group said was ahead of expectations.Boohoo boosted customer numbers by 54% to 2.3m against the same time a year ago, made significant investment in its warehouse and technology and launched two foreign language websites in France and Spain.In the three months to May 31st, revenue rose 24% to £30.7m, including a 44% gain in the UK and 36% in the rest of Europe, although it fell a fifth in the rest of the world due to currency headwinds, particularly in Australia. Swimwear did well, with sales increasing by 454% over the previous year. Knitwear rose 118% and sales of fashion playsuits lifted 157%.Joint Chief Executive Mahmud Kamani said: "We continue to trade in line with expectations for the full year and anticipate revenue growth to accelerate as comparatives become less demanding and as we increase our marketing spend in line with our targets."Shares in Boohoo rose 2p or 4.35% to 48p at 08:47 in London, slightly below the 50p per share that the company floated at in March. PW