Burnley fashion giant Boohoo announces soaring lockdown sales surge
Online fashion giant Boohoo has reported a 41% surge in revenues as it benefited from the online shopping boom during lockdown.
The retailer, which employs more than 2,000 people at its distribution centre in Burnley, said revenues jumped to £1.74bn in the year to February 28th from £1.23bn in the previous year.
It told shareholders on Wednesday morning that pre-tax profits lifted by 35% to £124.7m as it was boosted by the sales increase.
John Lyttle, chief executive officer of Boohoo said: "Full-year 2021 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.
"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."