Peel Hunt has upgraded its forecasts for online fashion retailer boohoo (LON: BOO) in its latest note thanks to the continued growth of the boohoo brand.
Pre-tax profit is forecast to increase from £76.3m to £93.9m - a 6% upgrade - this year, on revenues of £1.19bn, and the cash pile could be in excess of £220m by the end of February 2020. That is after spending £60m on warehouses and other capital investment, which is more than any previous year.
Changes in the accounting for leases is responsible for a significant chunk of that profit upgrade, but that does not affect the cash position...
