Boohoo raises full year revenue forecast again
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For the four months to December 31, 2016, revenues at Boohoo.com increased 55 percent or 52 percent CER. Sales in the UK were up 31 percent, while rest of Europe reported a rise of 63 percent or 54 percent CER. Updating its revenue guidance once again, Boohoo said, it expects revenue growth to be between 43 percent and 45 percent in the year to 28 February 2017, above previous guidance of between 38 percent and 42 percent.
Commenting on the positive trading season, Mahmud Kamani and Carol Kane, joint CEOs, said in a press release, "Trading in the four months to December 31, 2016 has been strong across all regions. The USA website was moved to a new platform in October and our mobile Apps in the UK and internationally continue to grow in popularity. We are also delighted to have completed the acquisition of a majority stake in PrettyLittleThing and we welcome the team to the enlarged boohoo.com group.”
Boohoo expects revenue growth of 43 to 45 percent for full year
“As a result of the strong trading through Black Friday continuing into the Christmas season, we now expect revenue growth for boohoo.com (excluding PrettyLittleThing) to be between 43 percent and 45 percent in the year to 28 February 2017, above previous guidance of between 38 percent and 42 percent. As previously announced, PrettyLittleThing is expected to achieve revenue growth in excess of 150 percent for the year to February 28, 2017, while being broadly breakeven at EBITDA level. Consequently, group revenue growth, including PrettyLittleThing, is expected to be between 46 percent and 48 percent and group EBITDA margin between 11 percent and 12 percent," added Kamani and Kane.
Revenues in the USA increased 230 percent or 188 percent CER and rest of world revenues rose 66 percent or 57 percent CER. Gross margin of 53.1 percent was down 260bps with retail gross margin of 54.4 percent, down 260bps, which the company said was due to investment in price and promotions. The company reported 5.1million active customers, up 31 percent on prior year.
Picture:Facebook/Boohoo