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.

Wednesday, 5th May 2021, 11:00 am
Updated Wednesday, 5th May 2021, 11:02 am
Boohoo

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."