Boohoo Group leaves guidance unchanged despite 39% jump in revenues
Source - SMW
Online retailer Boohoo Group left its guidance unchanged despite reporting a 39% jump in revenues, led by international stronger first-quarter international performance. The online retailer forecast revenue growth of 25% to 30% and an adjusted underlying earnings (EBITDA) margin of around 10%, unchanged from guidance given in April. The unchanged outlook on growth comes as the online retailer said revenue grew 39% to £254.3m in the first-quarter of the year, driven by strong revenue growth across all geographies with UK up 27% and international up 56%. Gross margin decline slightly to 55.0% in the first quarter from 55.2%. PrettyLittleThing and Nasty Gal brands continued to gather momentum during the quarter, with revenues up 42% and 153%, respectively. The Boohoo brand generated revenue of £123.5m up 27%. The USA and Rest of Europe reported growth of 64% and 72%, respectively, while rest of world delivered growth of 26%.