Burnley firm Boohoo sees big rise in profits

Online fashion retailer Boohoo has unveiled a bumper profits haul as sales continue to surge at the fast growing firm.

Wednesday, 24th April 2019, 1:03 pm
Updated Wednesday, 24th April 2019, 2:15 pm
Boohoo employs around 1,000 people at its Burnley distribution site

The firm, which employs around 1,000 people at its Burnley distribution site, saw revenue grow 48% to £856.9m in the year to February 28th, and pre-tax profit jumped 38% to £59.9m.

Turnover was up 37% in the UK and 64% in international markets.

Boss John Lyttle, who took up the top job last month, said: “I am very excited to have joined the Boohoo group at this key stage of its growth, with the group’s disruptive and proven business model having delivered yet another excellent set of financial and operational results.

“In my short time within the business, I am delighted to have been able to meet a number of hugely talented people and have already been able to see many parts of the business.

“This has confirmed my belief and optimism that the group’s investments into its brands and infrastructure have allowed it to develop a scalable multi-brand platform that is well-positioned to disrupt, gain market share and capitalise on what is a truly global opportunity.”

Mr Lyttle replaced joint chief executives Mahmud Kamani and Carol Kane in March, with the duo taking up the roles of executive chairman and executive director respectively.

The figures showed that revenue at Boohoo’s PrettyLittleThing sub-brand grew 107% to £374.4m and Nasty Gal saw sales rise 96% to £47.9m