TIDMBOO
RNS Number : 6606Z
boohoo group plc
14 January 2020
For immediate release 14 January 2020
The information contained within this announcement is deemed by
the company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
boohoo group plc - trading statement for the four months ended
31 December 2019
Continued strong growth across all brands in all regions
Four months to 31 December Ten months to 31 December
GBP million FY20 FY19 Increase CER(1) FY20 FY19 Increase CER
------ ------------ ----------- -------- ----------- ------------ ---------- ---------
Group total
revenue 473.7 328.2 44% 44% 1,038.5 723.5 44% 44%
------ ------------ ----------- -------- ----------- ------------ ---------- ---------
Revenue by
region
UK 255.8 180.0 42% 42% 570.7 414.0 38% 38%
ROE(2) 69.6 44.4 57% 54% 157.1 95.7 64% 62%
USA 110.6 70.4 57% 57% 221.3 138.6 60% 61%
ROW(3) 37.7 33.4 13% 13% 89.4 75.2 19% 20%
------ ------------ ----------- -------- ----------- ------------ ---------- ---------
(1) CER designates Constant Exchange Rate translation of foreign
currency revenue. (2) ROE is rest of Europe. (3) ROW is rest of
world.
Highlights
Group
-- Strong revenue growth of 44% (44% CER(1) ) across all key geographic regions
-- Gross margin for the four months 53.5%, down 70 bps
-- Strong balance sheet with net cash of GBP245 million (31 August 2019: GBP207 million)
-- Excellent operational performance in both warehouses
-- Successful integration and re-launch of MissPap, Karen Millen
and Coast onto our multi-brand platform
boohoo
-- Revenue GBP232.6 million, up 42% (42% CER). Year-to-date
revenue GBP513.7 million, up 38% (38% CER)
-- Gross margin for the four months 52.0%, down 20bps
PrettyLittleThing
-- Revenue GBP190.8 million, up 32% (31% CER). Year-to-date
revenue GBP428.4 million, up 37% (36% CER)
-- Gross margin for the four months 55.1%, down 130bps
Nasty Gal
-- Revenue GBP41.5 million, up 102% (102% CER). Year-to-date
revenue GBP85.3 million, up 123% (125% CER)
-- Gross margin for the four months 54.3%, down 10bps
Guidance
Group revenue growth for the financial year to 29 February 2020
is expected to be 40% to 42%, ahead of our previous guidance of 33%
to 38%. We expect group adjusted EBITDA margin to be 10.0% to
10.2%, ahead of our previous guidance of around 10%. All other
guidance for the current financial year and our medium term
guidance to deliver sales growth of 25% per annum and 10% EBITDA
margin remains unchanged.
John Lyttle, CEO, commented:
"I am delighted to report the group has enjoyed record trading
in the last four months of 2019. All of our brands have performed
exceptionally well and delivered strong market share gains. We have
continued to see operating leverage in our more established brands,
and will continue to invest into them and our newly-acquired
brands. The newly-acquired brands, MissPap, Karen Millen and Coast,
are showing great promise and open different target markets for the
group, in line with our strategy to build our multi-brand
platform."
Investor and analyst conference call
boohoo group plc will today host a conference call for analysts
and investors at 9.30am (UK time). The dial in details for the call
are as follows:
UK Toll Number: +44 3333000804
UK Toll-Free
Number: 08003589473
Participant pin
code: 66678403#
For international access numbers, please click here.
Notice of results
boohoo group plc expects to report its results for the 12 months
to 29 February 2020 on 22 April 2020.
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
Zeus Capital - Nominated adviser
and joint broker
Nick Cowles/Andrew Jones (Corporate Tel: +44 (0)161 831 1512
Finance)
John Goold/Benjamin Robertson (Corporate Tel: +44 (0)20 3829 5000
Broking)
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 Tel: +44 (0)20 7466 5000
Beeck/Toto Berger
About boohoo group plc
"Leading the fashion eCommerce market"
Founded in Manchester in 2006, boohoo is an inclusive and
innovative brand targeting young, value-orientated customers. For
13 years, boohoo has been pushing boundaries to bring its customers
up-to-date and inspirational fashion, 24/7. boohoo has grown
rapidly in the UK and internationally, expanding its offering with
range extensions into menswear, through boohooMAN.
In early 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 and in August 2019, the Karen Millen and Coast
brands, all complementary to the group's scalable multi-brand
platform. United by a shared customer value proposition, our brands
design, source, market and sell great quality clothes, shoes and
accessories at unbeatable prices. These investment propositions
have helped us grow from a single brand, into a major multi-brand
online retailer, leading the fashion eCommerce market for 16 to
40-year-olds around the world. As at 31 August 2019, the boohoo
group had over 13 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.
Appendix - prior period revenues by region
Revenue by period for the year to 29 February 2020 (FY20)
GBPm 4m to 31 December 10m to 31 December
----------------------------- -----------------------------
FY20 FY19 yoy yoy FY20 FY19 yoy yoy
% % CER % %
CER
------ ------ ---- ------- -------- ------ ---- -----
Total 473.7 328.2 44% 44% 1,038.5 723.5 44% 44%
------ ------ ---- ------- -------- ------ ---- -----
Revenue by region
-------------------------------------- -------- ------ ---- -----
UK 255.8 180.0 42% 42% 570.7 414.0 38% 38%
------ ------ ---- ------- -------- ------ ---- -----
ROE 69.6 44.4 57% 54% 157.1 95.7 64% 62%
------ ------ ---- ------- -------- ------ ---- -----
USA 110.6 70.4 57% 57% 221.3 138.6 60% 61%
------ ------ ---- ------- -------- ------ ---- -----
ROW 37.7 33.4 13% 13% 89.4 75.3 19% 20%
------ ------ ---- ------- -------- ------ ---- -----
GBPm 3m to 31 May 3m to 31 August 6m to 31 August
----------------------------- ---------------------------
FY20 FY19 yoy yoy FY20 FY19 yoy yoy FY20 FY19 yoy yoy
% % CER % % % %
CER CER
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
Total 254.3 183.6 39% 39% 310.5 211.7 47% 47% 564.9 395.3 43% 43%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
Revenue by region
-------------------------------------- ------ ------ ---- ----- ------ ------ -----
UK 140.6 110.7 27% 27% 174.4 123.3 41% 41% 315.0 234.1 35% 35%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ -----
ROE 38.2 22.3 72% 71% 49.2 29.0 70% 68% 87.5 51.2 71% 69%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
USA 51.3 31.4 64% 66% 59.4 36.8 61% 64% 110.7 68.2 62% 65%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
ROW 24.2 19.2 26% 28% 27.5 22.6 22% 23% 51.7 41.8 24% 25%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
Revenue by period for the year to 28 February 2019 (FY19)
GBPm 4m to 31 December 2m to 28 February 12m to 28 February
----------------------------- ---------------------------
FY19 FY18 yoy yoy FY19 FY18 yoy yoy FY19 FY18 yoy yoy
% % CER % % % %
CER CER
------ ------ ---- ------- ------ ----- ----- ----- ------ ------ ---- -----
Total 328.2 228.2 44% 43% 133.4 88.7 50% 50% 856.9 579.8 48% 47%
------ ------ ---- ------- ------ ----- ----- ----- ------ ------ ---- -----
Revenue by region
-------------------------------------- ------ ----- ----- ----- ------ -----
UK 180.0 135.6 33% 33% 74.2 56.6 31% 31% 488.2 355.6 37% 37%
------ ------ ---- ------- ------ ----- ----- ----- ------ -----
ROE 44.4 28.2 57% 54% 19.4 10.2 90% 86% 115.1 66.3 74% 67%
------ ------ ---- ------- ------ ----- ----- ----- ------ ------ ---- -----
USA 70.4 39.6 78% 80% 27.7 13.5 105% 101% 166.3 92.7 79% 81%
------ ------ ---- ------- ------ ----- ----- ----- ------ ------ ---- -----
ROW 33.4 24.7 35% 32% 12.1 8.4 44% 44% 87.3 65.2 34% 30%
------ ------ ---- ------- ------ ----- ----- ----- ------ ------ ---- -----
GBPm 3m to 31 May 3m to 31 August 6m to 31 August
----------------------------- ---------------------------
FY19 FY18 yoy yoy FY19 FY18 yoy yoy FY19 FY18 yoy yoy
% % CER % % % %
CER CER
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
Total 183.6 120.1 53% 52% 211.7 142.8 48% 47% 395.3 262.9 50% 49%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
Revenue by region
-------------------------------------- ------ ------ ---- ----- ------ -----
UK 110.7 74.5 49% 49% 123.3 88.8 39% 39% 234.1 163.4 43% 43%
------ ------ ---- ------- ------ ------ ---- ----- ------ -----
ROE 22.3 12.2 82% 71% 29.0 15.6 86% 73% 51.2 27.8 84% 72%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
USA 31.4 17.9 75% 78% 36.8 21.7 70% 71% 68.2 39.6 72% 74%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
ROW 19.2 15.4 24% 22% 22.6 16.7 36% 31% 41.8 32.1 30% 27%
------ ------ ---- ------- ------ ------ ---- ----- ------ ------ ---- -----
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END
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