Boohoo kicks off the financial year with strong revenue growth

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Boohoo has made a strong start to its financial year with the successful integration of Dorothy Perkins, Wallis and Burton brands.

In the three months to 31 May, the retailer also launched the new Debenhams digital department store, with fashion, beauty and homewares and its distribution centre in Wellingborough is now operational while its Daventry site is on schedule for operational use in Q2.

Revenues for the period was up 32 per cent to £486.1m with particularly strong performance in key markets such as the UK and US, where sales have more than doubled.

It said guidance for the for the year ending 28 February 2022 remains unchanged, with revenue growth of around 25 per cent and adjusted EBITDA margins expected to be in the region of 9.5 to 10 per cent.

The Northern Quarter group also updated the market with a progress report from Sir Brian Leveson on the Group’s Agenda for Change programme, which aims to improve corporate governance and raise standards across the supply chain.

The independent review was launched into its Leicester supply chain following reports of alleged low pay and unsafe conditions.

Since then, Boohoo has joined the Fast Forward initiative for auditing of its UK supply chain, which the Group will transition to over the next twelve months.

It published its UK supplier list in March and the global supplier list is on track for publication in September.

John Lyttle, CEO, said: “This quarter we have integrated and relaunched our newly-acquired brands, Dorothy Perkins, Wallis and Burton, and we have also relaunched Debenhams for fashion, beauty and homeware, adding ranges, with an exciting pipeline of brands for our digital department store.

“We continue to make great progress on our Agenda for Change programme, with this morning’s latest report from Sir Brian Leveson outlining the seriousness with which the Group is determined to develop and demonstrate a gold standard in our supply chain.

“Our ongoing investment in infrastructure and our platform leaves us well-placed to maximise the opportunities for growth as we build the business for the future.”

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