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UPDATE 1-Boohoo raises sale guidance after jump in first-half profit

Wed, 30th Sep 2020 07:56

(Adds detail)

LONDON, Sept 30 (Reuters) - British online fashion retailer
Boohoo, facing investor scrutiny after failings were
found in its UK supply chain, on Wednesday reported a 51%
increase in first half profit and raised its full year revenue
guidance.

Last week an independent review for Boohoo found several
failings in its supply chain in England after allegations about
working conditions and low pay. Boohoo accepted all the review's
recommendations and set out the steps it was taking to tackle
the issues.

The company, which sells own-brand clothing, shoes,
accessories and beauty products targeted at 16- to 40-year-olds,
said it made a pretax profit of 68.1 million pounds ($87.4
million) in the six months to August 31, up from 45.2 million
pounds a year earlier, on revenue up 45% to 816.5 million
pounds.

It said group revenue for 2020-21 was now expected to grow
by 28% to 32% versus approximately 25% previously guided, while
its full-year core profit margin (adjusted EBITDA margin) was
expected to be around 10%, versus 9.5% to 10% previously guided.

Boohoo was able to trade throughout the first half in
contrast to store-based rivals who had to shutter shops for
several months during coronavirus lockdowns.

The group said it had made a good start to the second half,
with momentum continuing into September.

"At this stage we feel it is prudent to continue to plan for
a period of economic uncertainty in the second half of the
financial year, including possible reduced consumer spending,"
it said.

It is also planning for product return rates to return to
normal levels, continued near-term delivery cost inflation in
some of its overseas markets and increased marketing spending.

($1 = 0.7794 pounds)
(Reporting by James Davey; editing by Jason Neely)

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