Boohoo (LON: BOO) sales surges in Christmas season

January 15, 2021 09:27 PM AEDT | By Team Kalkine Media

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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.

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