posts strong revenue growth, raises outlook

For the four months ended 31 December 2017, Plc said group revenue of 228.2 million pounds (307.9 million dollars) , increased 93 percent at constant exchange and 100 percent at current exchange rates. For 10 months period, revenues of 491.1 million pounds (662.6 million dollars) increased 97 percent at constant exchange and 103 percent at current exchange rates.

Commenting on the company’s trading performance, Mahmud Kamani and Carol Kane, joint CEOs, said in a media statement: "We are delighted to report another set of strong financial and operational results, with record sales in the four months to December across all our brands. The Black Friday period was our most successful ever and we traded well throughout the period under review. Boohoo has continued to perform well, delivering strong revenue growth on increasingly challenging comparatives last year. Pretty Little Thing has continued to deliver exceptional results and Nasty Gal is making excellent progress in its first year."

Boohoo revenues rise 25 percent

Boohoo revenue of 142.6 million pounds (192 million dollars) rose 25 percent at current and 21 percent CER against strong prior year comparatives. The company said, year‐to‐date revenue of 324.4 million pounds (437.6 million dollars), was up 34 percent or 31 percent CER·

Revenue of 73.8 million pounds (99.5 million dollars) at Pretty Little Thing was up 191 percent on prior year comparative period, while year‐to‐date revenue of 146.4 million pounds (197.5 million dollars), rose 232 percent on prior year. At Nasty Gal, revenue of 11.9 million pounds (16 million dollars, increased month‐on‐month from start‐up in March 2017, while year‐to‐date revenue was 20.2 million pounds (27 million dollars).

Group gross margin for the four months was 52.5 percent compared to 53.1 percent in 2017, while retail gross margin was almost flat at 54.2 percent against 54.4 last year. At Boohoo, gross margin was 50.7 percent, down 240bps, which the company said was in line with planned investments in the customer proposition. Retail gross margin was 52.5 percent compared to 54.4 percent in 2017. Gross margin at Pretty Little Thing was 55.3 percent and retail gross margin was 57 percent for the period under review.

Group revenue growth for this financial year is now expected to be around 90 percent, ahead of the company’s previous guidance of around 80 percent, which was raised from 60 percent at its interim results in late September. The company now expects group adjusted EBITDA margins to be between 9.25 percent and 9.75 percent, narrowing the range from the 9 percent to 10 percent as guided at its interim results.


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