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British online fashion retailer Boohoo's H1 sales rise but profit dips
01 Oct 21 2 min read
Boohoo group, UK-based online fashion retailer, has reported a 20 per cent revenue growth to £975.9 million in the first half of FY22 that ended on August 31, 2021, compared to the revenue of £816.5 million in the same period of prior fiscal. However, profit for the six-month period plunged to £98.4 million (H1 FY21: £344.9 million).
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“Looking back over the last 18 months the group has delivered an excellent operational and robust financial performance, and that is a testament to all who have helped deliver this. We are delighted to have doubled our market share in key markets such as the UK and US, have significantly expanded our target addressable market through selective acquisitions and are excited about the global potential for all of our brands,” John Lyttle, Boohoo’s CEO, said in a press release.
“In the first half of this financial year, our teams have yet again delivered: integrating four new brands, launching two new warehouses and strengthening our infrastructure in a manner that will allow our multi-brand platform to scale as Planned,” Lyttle added.
Gross profit for the first half rose to £533.3 million (£449.2 million), while adjusted EBITDA stood at £85.1 million (£89.8 million).
The British fashion company’s performance in the second quarter was impacted by UK returns rates returning to pre-pandemic levels, physical stores reopening, consumer uncertainty in markets that we operate in resulting in the loss of key events and holidays, as well as continued COVID-19 related disruption across the key international markets, which impacted international delivery timeframes.
“Entering the second half of the year, the group is well-positioned to accelerate its growth and our confidence in the group’s medium term targets remain unchanged. We will continue to invest across our platform, people and technology as we look to further cement our position as a leader in global fashion e-commerce,” Lyttle concluded.
In its outlook for fiscal 2022, the group stated that it expects sales growth of 20-25 per cent, implying sales growth of 20-30 per cent in the second half.
Fibre2Fashion News Desk (JL)
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