Boohoo posts record half year
Fast becoming the new fashion sector bellwether, Bohoo has confirmed that its sales for the half year to August 31st came in at £564.9 milion which is 45 per cent up year-on-year. The business posted strong revenue growth for all of its brands, including Nasty Gal and Pretty Little Thing, with its Boohoo brand raking in £281 million, up by 34 per cent. It was an action-packed time for the business which acquired MissPap and the online businesses and IP of Karen Millen and Coast. International sales had risen by 55 per cent to now account for 44 per cent of overall revenues. Adjusted EBITDA for the half year rose by 53 per cent year on year to £60.7 million.
"It was a fantastic first half of the year for the group," said Boohoo CEO John Lyttle, adding: "We have delivered significant market share gains across all of our key markets, and for the first time in our history, revenue has exceed £1 billion in the last 12 months."
With the stores and concessions of Karen Millen and Coast now shuttered, adding to the number of empty stores on high streets, many await the online renaissance of those brands in the hands of the Boohoo team, believing that these particular acquisitions will enable Boohoo to win over a new traunch of upmarket customers, adding to its overall reach.