boohoo group plc – Trading Update

boohoo group plc – Trading Update

boohoo group plc release the following trading statement for the three months ended 31 May 2019. The company has continued to see strong growth across all brands in all regions.

Three months to 31 May

£ million

            FY20

                           FY19

  Increase

CER(1)

Group total revenue

254.3

183.6

                           39 %

39%

Revenue by region

  UK

140.6

110.7

27%

27%

  ROE(2)

38.2

22.3

72%

71%

  USA

51.3

31.4

64%

66%

  ROW(3)

24.2

19.2

26%

28%

(1) CER designates Constant Exchange Rate translation of foreign currency revenue. (2) ROE is rest of Europe. (3) ROW is rest of world.

Highlights

Group

  • Revenue £254.3 million, up 39% (39% CER(1))
  • Strong revenue growth across all geographies with UK up 27% and international up 56%
  • Gross margin 55.0% (1Q19: 55.2%)
  • Strong balance sheet with net cash of £194 million (1Q19: £151 million)
  • Acquired the brand and intellectual property assets of MissPap

boohoo

  • Revenue £123.5 million up 27% (28% CER), with growth accelerating from last year
  • Gross margin 54.1%, (1Q19: 52.0%)

PrettyLittleThing

  • Revenue £112.1 million up 42% (42% CER), with continued strong growth in all markets
  • Gross margin 55.9%, (1Q19: 58.7%)

Nasty Gal

  • Revenue £18.2 million up 153% (157% CER), with gathering momentum in all markets
  • Gross margin 56.1%, (1Q19: 58.9%)

Guidance

Trading in the first quarter has been strong. At this stage of the year, we continue to expect Group revenue growth to be 25% to 30% with an adjusted EBITDA margin of around 10% for FY20. All other guidance remains unchanged. 

John Lyttle, CEO, commented:

“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. I’m delighted that the Group topped the UK Hitwise rankings in May for the first time, demonstrating how our multi-brand strategy is really capturing our customers’ attention. 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.”

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