Coronavirus Update

Boohoo Group Plc Trading Update December 2019

This content has been sourced from: https://www.investegate.co.uk/boohoo-group-plc/rns...

Boohoo Group plc

trading statement for the four months ended 31 December 2019                                                                                                                                

Continued strong growth across all brands in all regions

Four months to 31 December

Ten months to 31 December

 

£ million

 

 

FY20

 

FY19

 

Increase

 

CER(1)

      

FY20

       

FY19

 

Increase

 

CER

Group total revenue

473.7

328.2

        44%

44%

1,038.5

723.5

44%

44%

Revenue by region:

 

 

 

 

 

 

 

 

  UK

255.8

180.0

42%

570.7

414.0

38%

38%

  ROE(2)

69.6

44.4

54%

157.1

95.7

64%

62%

  USA

110.6

70.4

57%

221.3

138.6

60%

61%

  ROW(3)

37.7

33.4

13%

13%

89.4

75.2

19%

20%

Highlights(1) CER designates Constant Exchange Rate translation of foreign currency revenue. (2) ROE is rest of Europe. (3) ROW is rest of world.

Group

  • Strong revenue growth of 44% (44% CER(1)) across all key geographic regions
  • Gross margin for the four months 53.5%, down 70 bps
  • Strong balance sheet with net cash of £245 million (31 August 2019: £207 million)
  • Excellent operational performance in both warehouses
  • Successful integration and re-launch of MissPap, Karen Millen and Coast onto our multi-brand platform 

boohoo

  • Revenue £232.6 million, up 42% (42% CER). Year-to-date revenue £513.7 million, up 38% (38% CER)
  • Gross margin for the four months 52.0%, down 20bps 

PrettyLittleThing

  • Revenue £190.8 million, up 32% (31% CER). Year-to-date revenue £428.4 million, up 37% (36% CER)
  • Gross margin for the four months 55.1%, down 130bps

Nasty Gal

  • Revenue £41.5 million, up 102% (102% CER). Year-to-date revenue £85.3 million, up 123% (125% CER)
  • Gross margin for the four months 54.3%, down 10bps

Guidance

Group revenue growth for the financial year to 29 February 2020 is expected to be 40% to 42%, ahead of our previous guidance of 33% to 38%. We expect group adjusted EBITDA margin to be 10.0% to 10.2%, ahead of our previous guidance of around 10%. All other guidance for the current financial year and our medium term guidance to deliver sales growth of 25% per annum and 10% EBITDA margin remains unchanged.

John Lyttle, CEO, commented:

"I am delighted to report the group has enjoyed record trading in the last four months of 2019. All of our brands have performed exceptionally well and delivered strong market share gains. We have continued to see operating leverage in our more established brands, and will continue to invest into them and our newly-acquired brands. The newly-acquired brands, MissPap, Karen Millen and Coast, are showing great promise and open different target markets for the group, in line with our strategy to build our multi-brand platform."