Boohoo tops £1bn in revenue
Online fashion business Boohoo, which has a major distribution operation in Burnley, reported more than £1.2bn in sales for the year ending 29 February 2020.
The figure represents a 44 per cent increase over the previous year's revenue, and was boosted by the acquisitions of the MissPap, Karen Millen and Coast brands.
Gross profits climbed 42 per cent to £666m, with profit before tax up 54 per cent to £92m. The group also enjoyed strong revenue growth across all geographies with UK sales up 39 per cent and international up 51 per cent. International revenue now accounts for 45 per cent of the total, up two percentage points.
Of the coronavirus pandemic, the business said that it had experienced a brief dip in sales during March, but improved year-on-year growth during April.
John Lyttle, CEO, said: "Whilst recent events have understandably overshadowed what has been a great year for boohoo, they have also highlighted its key strengths. Our business is founded on our ability to be agile and flexible and it is at times like this when these abilities are tested, and I am proud of how our colleagues and business partners from around the world have responded to the challenges posed by this pandemic.
"Although there is near-term uncertainty in the markets that we operate in, the group is underpinned by its incredibly strong balance sheet and is well-placed to leverage its scalable multi-brand platform and to continue to disrupt fashion markets around the world.”
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