Last checked at 10 Mar 2022 07:00
FOR IMMEDIATE RELEASE | 10 MARCH 2022 |
boohoo group plc - Trading Update
("boohoo" or "the Group")
Boohoo provides an update for the three and twelve months ended 28 February 2022. The Group has delivered net sales growth in the fourth quarter of 7% (2 Year growth: 48%), and over the full year of 14% (2 Year growth: 61%), in line with guidance. In the fourth quarter, gross sales growth was strong (+26% vs. last year and +57% vs. two years ago). As expected, net sales growth in the quarter was impacted by higher returns rates year on year due to product mix. This is expected to continue in the first half of FY23.
In the UK, the Group continues to deliver a strong trading performance with our leading proposition resonating with customers. International performance continues to be impacted by longer customer delivery times as a result of pandemic-related supply chain pressures. However, in the fourth quarter, the Group saw a return to growth in ROW due to the positive contribution from wholesale.
The Group expects, subject to audit, to report adjusted EBITDA for the financial year ended 28 February 2022 of approximately £125 million, in line with prior guidance issued in December and market expectations (company-compiled consensus adjusted EBITDA for FY22 of £125 million).
John Lyttle, Group CEO, commented:
"The Group has delivered strong growth over the last two years, which has translated into significant market share gains. We are confident that pandemic-related headwinds are short-term in their nature, and our focus is to ensure the business is well positioned for growth as these headwinds ease."
Notice of full year results
The Group intends to publish its full year results for the year ended 28 February 2022 on 4 May 2022.
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Enquiries | |
boohoo group plc | |
Neil Catto, Chief Financial Officer | Tel: +44 (0)161 233 2050 |
Alistair Davies, Investor Relations | Tel: +44 (0)161 233 2050 |
Clara Melia, Investor Relations | Tel: +44 (0)20 3289 5520 |
Mark Mochalski, Investor Relations | Tel: +44 (0)20 3239 6289 |
Zeus Capital - Nominated adviser and joint broker | |
Nick Cowles / Andrew Jones | Tel: +44 (0)161 831 1512 |
Benjamin Robertson | Tel: +44 (0)20 3829 5000 |
Jefferies - Joint broker | |
Philip Noblet / Max Jones | Tel: +44 (0)20 7029 8000 |
Buchanan - Financial PR adviser | boohoo@buchanan.uk.com |
Richard Oldworth / Kim Looringh-van Beeck / Toto Berger / Sophie Wills | Tel: +44 (0)20 7466 5000 |
About boohoo group plc
"Leading the fashion eCommerce market"
Founded in Manchester in 2006, boohoo is an inclusive and innovative global brand targeting young, value-orientated customers, pushing boundaries to bring its customers up-to-date and inspirational fashion, 24/7.
In 2017, the group extended its customer offering through the acquisitions of the vibrant fashion brand PrettyLittleThing and free-thinking brand Nasty Gal. In March 2019, the group acquired the MissPap brand, in August 2019 the Karen Millen and Coast brands and in June 2020 the Warehouse and Oasis brands, all complementary to the group's scalable, multi-brand platform. In January 2021, the group acquired the intellectual property assets of Debenhams, with the goal of transforming a leading UK fashion and beauty retailer into a digital department store and marketplace through a new capital-light and low-risk operating model. In February 2021, the group acquired the intellectual property assets of UK brands Dorothy Perkins, Wallis and Burton. As at 31 August 2021, the boohoo group had 19 million active customers across all its brands around the world.
Cautionary Statement
Certain statements included or incorporated by reference within this announcement may constitute "forward-looking statements" in respect of the group's operations, performance, prospects and/or financial condition. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words and words of similar meaning as "anticipates", "aims", "due", "could", "may", "will", "should", "expects", "believes", "intends", "plans", "potential", "targets", "goal" or "estimates". By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions and actual results or events may differ materially from those expressed or implied by those statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No responsibility or obligation is accepted to update or revise any forward-looking statement resulting from new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast. This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares or other securities in the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares or other securities of the Company. Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser. Statements in this announcement reflect the knowledge and information available at the time of its preparation. Liability arising from anything in this announcement shall be governed by English law. Nothing in this announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.