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Boohoo Group Plc’s (LON: BOO) sales surged by at least 40 per cent in the period preceding Christmas as shoppers ignored the company’s link with poor working condition charges in factories in the UK.
- Boohoo’s overall sales increased by 40 per cent to £661 million in the September-December period.
- However, it gross margin for the reported Four months to 31 December declined by 50 basis points to 53.0 per cent year on year.
- The company owns nine big brands, such as Karen Millen, Pretty Little Thing etc. and said it had enjoyed growth across all brands across the world.
(Image source: ©Kalkine Group 2020)
- Boohoo’s US performance was stronger with 51 per cent, benefiting from the online shopping growth.
- The company as on 31 August 2020 had net cash of £386.9 million as compared to £344.9 million in the same period last year; it provides a strong financial suppleness to the company to support future growth.
- Boohoo is also nearing to finalise the extension of its UK warehousing capacity, as its new site will become operational in April this year, creating around 1,000 jobs.
- The company is now expecting 36 to 38 revenue growth for the financial year to 28 February 2021, much higher than its previous guidance of 28-32 per cent.
- On 14 January 2021, the stocks of Boohoo Group Plc’s (LON:BOO), traded lower by 4.19% from its previous closing, hovering at around GBX 336.50 at 09:32 AM GMT+1.
