boohoo racks up 40% revenue increase after "year of significant investment"

An online fashion retailer has seen revenues increase by more than 40 per cent across the past year.

Boohoo, which recently acquired Debenhams, reported that its revenue growth for the year to February was 41 per cent, rising from £1,234.9m to £1,745.3m.

It also saw gross profits climb from £666.3m to £945.2m, an increase of 42 per cent.

During the year, boohoo completed its integration of the Warehouse and Oasis brands and acquired Dorothy Perkins, Burton and Wallace, as well as securing its acquisition of Debenhams’ online brand.

It said that its third distribution centre is set to be operational this year, and that its active customer base rose 28 per cent to 18 million.

John Lyttle, CEO of boohoo, commented: “FY21 has been a year of significant investment for the group as we build a platform for the future and I am very pleased to report a strong financial performance.

“Our established businesses have continued to grow across all territories as we gain market share with our compelling consumer proposition.

“We completed over £250m of acquisitions in the period, which included Oasis, Warehouse, Debenhams, Dorothy Perkins, Burton and Wallis, as well as the purchase of the remaining minority interest in PrettyLittleThing in a transaction that to date has resulted in substantial earnings enhancement for the group’s shareholders.

“Our newly-acquired brands are being re-energised and made relevant for today’s consumer across a broader market demographic.

“We are very excited about their potential and are already seeing the early rewards from their growth.

“We have also invested in improving the oversight and transparency of our supply chain and we are committed to embedding positive change through our ambitious UP.FRONT sustainability strategy.

“As we build for the future, we continue to invest across our platform, people and technology to further cement our position as a leader in global fashion e-commerce.”