Boohoo sales jump by 32% as lockdown restrictions are eased

Boohoo also benefitted from integrating the fashion brands it acquired earlier in the year

Boohoo (LON:BOO), the online fast-fashion brand, confirmed a 32% increase in sales during the previous quarter as the company saw demand rise as lockdown restrictions eased.

The Manchester-based company’s revenue reached £486.1m during the three months up to the end of May. This compared to £367.8m for the same period of time one year ago.

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The fashion firm performed particularly well in Britain and the US where its sales rose by 95% and 157% respectively.

Boohoo also benefitted from integrating the fashion brands it acquired earlier in the year.

The AIM-listed company purchased Debenhams, in addition to Dorothy Perkins, Wallis and Burton, from the brink of administration.

Boohoo keeps its guidance for full year 2021/2022 revenue growth of around 25%, along with an overall core earnings (EBITDA) margin of 9.5-10%.

CEO of Boohoo John Lyttle commented: “I am delighted with our performance in the first quarter, particularly as it was always going to be challenging to produce strong growth rates on last year, when lockdowns around the globe drove such high traffic to online retailers. The two year CAGR of 38% highlights the Group’s continued phenomenal growth, with revenues having increased 91% over the last two years, with particularly strong performance in key markets such as the UK and US, where sales have more than doubled.”

“This quarter we have integrated and relaunched our newly-acquired brands, Dorothy Perkins, Wallis and Burton, and we have also relaunched Debenhams for fashion, beauty and homeware, adding ranges, with an exciting pipeline of brands for our digital department store.”

“We continue to make great progress on our Agenda for Change programme, with this morning’s latest report from Sir Brian Leveson outlining the seriousness with which the Group is determined to develop and demonstrate a gold standard in our supply chain.”

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