Boohoo revenue passes £1bn for the first time
Manchester online fashion brand Boohoo has exceeded £1bn in revenue over a 12-month period for the first time following an “outstanding” first half of the year.
Sales were £565m in the six months to the end of August, exceeding analyst expectations of around £540m and up 43% on the same period last year. EBITDA was £60.7m, against consensus forecasts of £56m and up 53% from a year ago.
Earlier this month, Boohoo raised its revenue growth forecast to 33-38% from 25-30%.
John Lyttle, the former Primark executive who took over as Boohoo CEO in March, said: “It has been a fantastic first half of the year for the group. We enter the second half of the year well-placed and confident that our platform will deliver further market share gains."
Revenue was up 34% to £281m at Boohoo, up 41% to £237.6m at PrettyLittleThing and up 148% to £43.9m at Nasty Gal.
Group-wide, more than two-fifths of sales now come from outside the UK. In August, Boohoo acquired the online business of Karen Millen in a pre-pack administration for £18.2m. The Karen Millen website will relaunch on the Boohoo platform in October.
The group finished the half with net cash of £207m and its shares have risen around 40% this year, hitting an all-time high of 283p earlier this month.