boohoo revenues jump by a third after launch of digital Debenhams store
An online fashion retailer has announced that its revenues have increased by more than 30 per cent across the last three months.
Boohoo, which owns several brands including PrettyLittleThing and Karen Millen, reported a 32 per cent revenue growth for the last quarter.
The group said that its revenues increased to £486.1m from £367.8m in the same period last year, with two-year growth of 91 per cent.
This comes after the company’s integration of high street brands Dorothy Perkins, Wallis and Burton into its platform, as well as the launch of its new Debenhams digital department store.
It also said that it anticipates “significant” job creation in the second quarter of the year, as its new Daventry distribution site is set to open.
The group is predicting full year revenue growth of approximately 25 per cent, and adjusted EBITDA margins of around 10 per cent.
John Lyttle, CEO of boohoo, 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 per cent highlights the group’s continued phenomenal growth, with revenues having increased 91 per cent 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.
“Our ongoing investment in infrastructure and our platform leaves us well-placed to maximise the opportunities for growth as we build the business for the future.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning National email for free.