United States Of America : Boohoo's revenue increases 51% to reach £294.6 mn

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Home / Knowledge / News / Apparel/Garments / Boohoo's revenue increases 51% to reach £294.6 mn

Boohoo's revenue increases 51% to reach £294.6 mn

27
Apr '17

Fashion e-commerce marketplace Boohoo has recorded a 51 per cent increase in its revenue by earning £294.6 million in the year ended February 28, 2017, as compared to £195.4 million in 2016. Its gross margin went down from 57.8 per cent in 2016 to 54.6 per cent this year. The firm's profit before tax increased by 97 per cent to reach £30.9 million in 2017.

Adjusted EBITDA, calculated as profit before tax, interest, depreciation, amortisation, share-based payment charges and option gain on PrettyLittleThing acquisition, was £35.6 million, that is, 12.1 per cent of the revenue.

"It has been a momentous year for us, with strong results and the acquisitions of PrettyLittleThing on 3 January 2017 and the Nasty Gal brand on 28 February 2017. The boohoo brand has achieved outstanding revenue growth and increased profitability margins during the year. We continued to grow strongly in the UK, our largest market, whilst international growth exceeded our expectations, particularly in the USA. Our customer proposition is proving consistently appealing," said Mahmud Kamani and Carol Kane, joint CEOs, Boohoo.

Bohoo acquired majority interest in PrettyLittleThing in January 3, 2017 and acquired intellectual property of Nasty Gal on February 28, 2017.

The acquisition of PrettyLittleThing resulted in incorporating two months of profitable trading and 1.3 million active customers. It also increased its international exposure.

In terms of fashion, Boohoo aims to offer the customer the best prices and the widest choice in fashion. The performance of its core womenswear ranges of dresses, tops, jackets and footwear has continued to be strong, whilst its continually expanding ranges have generated robust revenue growth: plus-size and petite have grown strongly and attained a high level of revenue and the more recently-introduced tall and lingerie ranges have made a very promising start, said the company in a press release.

Its menswear sales have doubled over the previous year as the product range has expanded and the launch of the separate boohooMAN website earlier in the year helped better focus the proposition on a male audience. The boohooMAN site has an appealing fashion and lifestyle section, the MANual, which further enriches the shopping experience, the release added. (KD)

Fibre2Fashion News Desk – India

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