boohoo group plc Trading Update (2688E)
March 10 2022 - 2:00AM
UK Regulatory
TIDMBOO
RNS Number : 2688E
boohoo group plc
10 March 2022
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
GBP125 million, in line with prior guidance issued in December and
market expectations (company-compiled consensus adjusted EBITDA for
FY22 of GBP125 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.
-ends-
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 Tel: +44 (0)20 7466 5000
Beeck / Toto Berger / Sophie Wills
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.
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