Boohoo revenues surge in the first quarter of 2020

Business

Boohoo revenues surge in the first quarter of 2020

For the three months to May 31, 2019, Boohoo Group Plc posted revenue increase of 39 percent and current and constant exchange to 254.3 million pounds (323.7 million dollars). The company saw strong revenue growth across all geographies with sales in the UK up 27 percent and international sales increasing 56 percent. Gross margin reached 55 percent compared to 55.2 percent in the first quarter of 2019.

Commenting on the trading update, John Lyttle, the company’s CEO, said in a statement: "The Group has made a strong start to the year as we continue to disrupt and capture market share in the UK and internationally across all our brands. We have ambitious plans for the group, and continue to invest to ensure that our scalable multi-brand platform is well-positioned to disrupt, gain market share and capitalise on the global opportunity in front of us."

Boohoo revenues of 123.5 million pounds (157 million dollars) were up 27 percent or 28 percent CER, while gross margin was 54.1 percent compared to 52 percent last year. PrettyLittleThing posted revenue of 112.1 million pounds (142.6 million dollars), a rise of 42 percent at constant and current exchange, with continued strong growth in all markets, while gross margin was 55.9 percent against 58.7 percent in the first quarter of 2019. Nasty Gal revenue of 18.2 million pounds (23 million dollars), jumped 153 percent or 157 percent CER, while its gross margin was 56.1 percent compared to 58.9 percent in the previous year’s first quarter.

With strong trading in the first quarter, the company said, it continues to expect group revenue growth to be 25 percent to 30 percent with an adjusted EBITDA margin of around 10 percent for FY20.

Picture:Boohoo.com media centre