Boohoo's Slow Decline From FY2019 Onwards18 Jan 2023 13:05
FY2014
UK up 44%, rest of Europe up 36%, rest of the world including USA down 20%
Gross margins maintained at 63%
net cash of £53m
FY2015
UK up 33%, rest of Europe up 39%, rest of world including USA up 7%
One third of revenue is generated outside the UK
Gross margin 60.8%
net cash of £54.1m
FY2016
UK up 38%, rest of Europe up 25%, rest of world including USA up 56%
33% of revenue generated outside the UK
Gross margin 57.8%
cash of £58.3 million and no debt
FY2017
UK up 33%, rest of Europe up 73%, USA up 121%, rest of world up 64%
Gross margin 54.5%, down 330bps
net cash of £58.4m
FY2018
UK up 95%, rest of Europe up 50%, USA up 140%, rest of world up 40%
Gross margin 52.8%, down 180bps
net cash of £133.0 million following £50 million share placing
FY2019
UK up 37%, rest of Europe up 67%, USA up 81%, rest of world up 30%
Gross margin up to 54.7%,
net cash of £190.7 million (2018: £133.0 million)
FY2020
UK up 39%, rest of Europe up 62%, USA up 61%, rest of world up 19%.
International revenue is now 45% of total, up from 43%
Gross margin 54.0%, down 70bps
net cash of £240.7 million
FY2021
UK up 39%, rest of Europe up 30%, USA up 63%, Rest of World up 19%.
International revenue is now 46% of total, up from 45%
Gross margin 54.2%, up 20 bps
net cash of £276.0 million, £195.7 million capital raised.
FY2022
UK up 27%, rest of Europe down 10%, USA up 4%, rest of world down 9%
Gross Margin 52.5% down 170bps
International revenue is now 39% of total (2021: 46%)
net cash of £1.3 million (2021: £276.0 million; 2020: £240.6 million). New £325 million Revolving Credit Facility (RCF) agreed in March 2022
FY2023 - interim results for 6 months
UK down 4%, rest of Europe down 2%, USA down 29%, rest of world up 14%
Gross Margin 52.5%
net debt of £10.4m (1H 22: net cash of £98.4m, FY 22: net cash of £1.3 million)
FY2018 was best year for Boohoo with UK up 95%, rest of Europe up 50%, USA up 140%, rest of world up 40%
compare to FY2022 UK up 27%, rest of Europe down 10%, USA up 4%, rest of world down 9%
FY2023 interim results for 6 months of the year was worst year for Boohoo with UK down 4%, rest of Europe down 2%, USA down 29%, rest of world up 14%
Since FY2018 Boohoo has been declining slowly until FY2022 Boohoo’s decline grew more and then for the 6 months of FY2023 Boohoo’s decline has grown even more
Shein has been slowly eroding market share from Boohoo.
If the trading update tomorrow isn't as bad as expected then Boohoo might rally.
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