REG - boohoo group plc - Final results for the year ended 28 February 2023
16/05/2023 07:00
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RNS Number : 4874Z boohoo group plc 16 May 2023
16 May 2023
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 as it forms part of the domestic law of the United Kingdom
by virtue of the European Union (Withdrawal) Act 2018 (as amended) ("UK
MAR"). 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 - results for the 12 months ended 28 February 2023
("boohoo" or "the Group")
Getting back to growth
· Significant market share gains over the last 3 years, with sales
+43%, and the UK +61%
· Successful delivery of automation in Sheffield, driving best-in-class
operational performance and significant savings
· Substantial progress made ahead of phased launch of US distribution
centre later this year, driving a step change in customer proposition
· Leaner, lighter, faster inventory position, with stock down 36% year
on year
· Strong cash generation with net £30.2 million Free Cash Flow after
£91.2 million of capital expenditure supporting growth ambitions, and £330.9
million of liquidity headroom
· Reinvesting margin improvements from supply chain deflation into
speed and price to reinforce test and repeat proposition
· Medium term adjusted EBITDA margin expectation of 6% to 8%, and
getting back to double digit revenue growth through scale, unlocking cost
deflation, and overhead efficiencies
( ) 2023 2022 Change on 2022 2020 Change on 2020((1))
£ million £ million £ million
Revenue 1,768.7 1,982.8 (11%) 1,234.9 43%
Gross profit 895.2 1,041.1 (14%) 666.3 34%
Gross margin 50.6% 52.5% (190bps) 54.0% (340bps)
Adjusted measures((3)):
Adjusted EBITDA((4)) 63.3 125.1 (49%) 126.6 (50%)
% of revenue 3.6% 6.3% (270bps) 10.2% (660bps)
Adjusted EBIT((5)) 6.9 84.1 (92%) 107.0 (94%)
% of revenue 0.4% 4.2% (380bps) 8.7% (830bps)
Adjusted profit before tax((6)) (1.6) 82.5 (102%) 108.3 (101%)
Adjusted diluted earnings per share((7)) (0.02)p 4.39p (100%) 5.88p (100%)
Statutory measures:
Profit/(loss) before tax (90.7) 7.8 (1263%) 92.2 (198%)
Diluted (loss)/earnings per share (6.13)p (0.32)p (1816%) 5.35p (215%)
Net cash((2)) at year-end 5.9 1.3 +4.6m 240.6 (234.7m)
John Lyttle, Group CEO, commented:
"Over the last three years, the Group has achieved significant market share
gains. Looking ahead, we are investing for the future growth of this business
with automation, local fulfilment capacity in the US and building global brand
awareness. We will deliver sustainable returns on these investments. We will
continue to give our customers the latest trends, outstanding value and a
great experience. Our confidence in the medium-term prospects for the group
remain unchanged, and as we execute on our key priorities we see a clear path
to improved profitability and getting back to double digit revenue growth.
Our boohoo family has continued to deliver for our customers and the
business and I want to thank them for all of their hard work and dedication."
Summary of FY23 performance
Twelve months ago, the Group set out a number of priorities to focus on
factors within its control, that would enable it to rebound strongly as
external conditions improved. We have seen significant progress in areas that
underpin our confidence in getting back to growth:
· Targeted reinvestment of supply chain savings into faster methods of
freight, driving improved lead times
· Inventory has been tightly managed and reduced significantly, down
36% year on year as at the end of February, with increased emphasis on
near(er)-shore sourcing which has helped manage supply chain lead times and
free cash flow
· The Group went live with a major automation installation in Sheffield
in Q3, driving significant efficiencies and capacity
· New wholesale partnerships launched with partners across established
markets such as the UK, Europe, the Middle East and India
· Substantial progress has been made with our US distribution centre,
which is set to open with a phased approach later this year. This will
transform delivery times to our US customers and presents a material growth
opportunity in the group's largest international market
Financial highlights
· Revenue £1.769 billion, down 11% vs last year, and up 43% on 2020
o UK revenues down 9% vs last year, and up 61% on 2020, demonstrating
significant market share gains over 3 years
o International revenues down 13% vs last year, and up 22% on 2020
· Gross margin 50.6%, down 190bps vs last year, reflecting Covid
related cost pressures on raw materials and freight, and stock clearance
· Inventory has been reduced significantly, down 36% year on year or
£101m in absolute terms as at the end of February
· Adjusted EBITDA of £63.3 million, down 49%, with Adjusted EBITDA
margin of 3.6%
· £91 million capital expenditure investment, building infrastructure
for future growth, including Sheffield automation and US distribution centre
· Strong cash generation with free cash flow of £30.2 million as a
result of significant inventory and working capital improvements (2022:
-£251.2 million), and balance sheet strength maintained with £136.1 million
of unencumbered freehold assets, £5.9 million net cash and a £325 million
Revolving Credit Facility, giving £331 million of liquidity headroom
Operational & Sustainability highlights
· 18 million active customers, up from 13 million since 2020 through
organic growth and an increased brand portfolio, with a target addressable
market of up to 500 million potential customers in our key markets
· Developing a global infrastructure capable of supporting in excess of
£4 billion of net sales, with automation driving significant efficiencies at
our Sheffield warehouse, with an international distribution centre in the US
enhancing our customer proposition
· Significant progress made with the Debenhams digital department
store, with c.1,600 brands available on-site and a successful relaunch for
Debenhams beauty
· Cost efficiency programme implemented, driving simplification of
organisational structure and warehouse network, delivering material cost
savings
· Further progress on our sustainability strategy with
PrettyLittleThing marketplace, a clothing resale platform, launched in August
2022, and implementation of industry leading Fast Forward audit programme
across all UK suppliers, setting industry leading standards within our supply
chain
Back to growth
Over the last three years, the Group has achieved significant market share
gains across its brand portfolio, particularly in the UK where our price,
product and proposition resonate strongly with customers. We now have 18
million active customers with the potential to reach 500 million globally
across our key target markets.
Our confidence in the medium-term outlook is unchanged, as we continue to
offer customers unrivalled choice in genuine fashion, inclusive ranges and
great value pricing, giving them even more reasons to shop with us. For the
year ahead, the priority and focus for the Group is to get back to growth, and
we have revisited our key areas of strategic focus.
Customer First
Fashion and the customer are the lifeblood of our business. We offer our
customers unrivalled choice, with up to 4,000 new lines added every week
across our brand portfolio. As supply chain inflation headwinds ease, we will
reinvest some of these savings to reinforce our value credentials. We deliver
a great experience for our customer and will continue to invest to improve
customer lifetime value through delivery of the latest trends, outstanding
value and a great experience.
Investing for Growth
The opportunity for growth is significant. Our test & repeat model gives
customers the latest fashion and great value, and our supply chain helps us
deliver short lead times. Best-in-class logistics are being upgraded through
extensive automation in our Sheffield distribution centre, with the opening of
a local distribution centre in the US later in the year driving a step change
in our customer proposition in our second largest market. Wholesale and
marketplace offer a key opportunity in new markets, and investments to expand
our brands' reach to a global social audience will build international
awareness as we unlock the global opportunity for the group.
Delivering sustainable ROI
Significant progress has been made on reducing overheads, with a cost base
that is now reflective of the current operating environment and will be
leveraged as growth returns. Inventory has been managed tightly, declining by
36% year on year or over £100 million in absolute terms. In the year ahead,
the group will be investing in reducing inventory lead times as air capacity
increases, supporting a leaner, lighter, faster inventory model that can very
quickly put relevant fashion in front of our customers and unlock additional
working capital.
Over the medium term we are planning to rebuild profitability back to a 6% to
8% adjusted EBITDA margin target and getting back to double digit growth
through: investing in our product, price and proposition, unlocking input cost
deflation, reducing returns, delivering volume growth, leveraging our
operating model and delivering growth internationally through our wholesale
and marketplace proposition as well as retail.
Outlook and Guidance
The Group's focus for the year ahead is on rebuilding profitability and
getting back to growth. For the year ending 28 February 2024 ("FY24"),
revenues are expected to be between flat and a decline of 5% vs. the prior
year, with increased emphasis on driving profitable sales. In the first half,
revenues are expected to decline by 10% to 15% as a result of this action
being taken. In the second half of the year, the Group expects to return to
revenue growth as it benefits from the investments being made across price,
product and proposition under the Back to growth strategy.
Adjusted EBITDA for FY24 is expected to improve year on year as a result of
operational gains, cost efficiencies and cost deflation in our supply chain,
with adjusted EBITDA margins of 4% to 4.5%, and adjusted EBITDA of between
£69 million to £78 million, in line with market expectations. For FY24,
capital expenditure is anticipated to be between £80 million to £90 million,
and as a result of the actions we have taken on capex, working capital and
costs, year-end net debt / adjusted EBITDA is expected to be approximately 1x,
reducing thereafter, with the Group maintaining significant headroom on its
long-dated £325 million Revolving Credit Facility.
Over the medium term the group is targeting continued improvements in
profitability building towards a 6% to 8% adjusted EBITDA margin and getting
back to double digit revenue growth through:
· Unlocking cost deflation: deflation is being seen across areas such
as sea freight and raw materials like cotton, which is being reinvested into
product, pricing and lead time, with further opportunities ahead
· Reducing returns: we are taking steps to reduce returns whilst not
impacting our customer experience
· Volume growth & cost control: volume benefits from our Back to
growth strategy are expected to drive operational leverage, supporting
margins, alongside tightly controlled costs
· International growth: the Group will continue to selectively invest
in order to unlock growth opportunities, such as its US distribution centre
that will transform its proposition in a key growth market, and through 3(rd)
party partnerships across key global markets.
Investor and analyst meeting
A meeting and video webcast for analysts & investors will be held at 9am
(UK time) today at the offices of boohoo, 10 Great Pulteney Street, London,
W1F 9NB. The webcast is available via the following link:
https://stream.buchanan.uk.com/broadcast/640f1313376228f5a654cf77
(https://stream.buchanan.uk.com/broadcast/640f1313376228f5a654cf77)
A replay will subsequently be available the same day via the same link.
boohoo group plc's results are available at www.boohooplc.com
(http://www.boohooplc.com) .
Notice of trading update
The Group's next update will be its half year results for the six months ended
31 August 2023 in September / October 2023
Enquiries
boohoo group plc
Shaun McCabe, Chief Financial Officer Tel: +44 (0)161 233 2050
Alistair Davies, Investor Relations Tel: +44 (0)161 233 2050
Mark Mochalski, Investor Relations Tel: +44 (0)20 3239 6289
Clara Melia, Investor Relations Tel: +44 (0)20 3289 5520
Zeus Capital - Nominated adviser and joint broker
Andrew Jones / Dan Bate / James Edis Tel: +44 (0)161 831 1512
Benjamin Robertson Tel: +44 (0)20 3829 5000
Jefferies - Joint broker
Ed Matthews / Harry Le May Tel: +44 (0)20 7029 8000
Buchanan - Financial PR adviser boohoo@buchanan.uk.com
Richard Oldworth / Toto Berger / Verity Parker Tel: +44 (0)20 7466 5000
Notes:
(1) Change on 2020, three years ago, compares current trading to the
pre-pandemic period to give a better understanding of performance when
compared to the unusual growth and characteristics of trade in 2021.
(2) Net cash is cash less borrowings, excluding lease liabilities.
(3) Adjusted items, which are not statutory measures, show the underlying
performance of the group excluding large, non-cash and exceptional items.
(4) Adjusted EBITDA is calculated as profit before tax, interest,
depreciation, amortisation, share-based payment charges and exceptional items.
(5) Adjusted EBIT is calculated as profit before tax, interest, amortisation
of acquired intangible assets, share-based payment charges and exceptional
items.
(6) Adjusted profit before tax is calculated as profit before tax, excluding
amortisation of acquired intangible assets, share-based payment charges and
exceptional items.
(7) Adjusted diluted earnings per share is calculated as diluted earnings per
share, adding back amortisation of acquired intangible assets, share-based
payment charges and exceptional items.
(8) CER designates Constant Exchange Rate translation of foreign currency
revenue, which gives a truer indication of the performance in international
markets by removing year-to-year exchange rate movements when local currency
sales are converted to sterling.
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 28
February 2023, the boohoo group had 18 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
"aims", "anticipates", "believes", "continues", "could", "due", "estimates",
"expects", "goal", "intends", "may", "objectives", "outlook", "plans",
"potential", "probably", "project", "seeks", "should", "targets", or "will"
or, in each case, their negative or other variations or comparable
terminology.
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. Except as required by applicable law or regulation, 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 authorised under the Financial Services and Markets Act 2000 (as
amended). 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.
Review of the business
Performance during the year
Overview
( ) 2023 2022 2023 change on 2022 2020 2023 change on 2020((1))
£ million £ £ million
million
Revenue 1,768.7 1,982.8 (11%) 1,234.9 43%
Gross profit 895.2 1,041.1 (14%) 666.3 34%
Gross margin 50.6% 52.5% (190bps) 54.0% (340bps)
(Loss)/profit before tax (90.7) 7.8 (1263%) 92.2 (198%)
Diluted (loss)/earnings per share (6.13)p (0.32)p (1816%) 5.35p (215%)
Net cash((2)) at year-end 5.9 1.3 +4.6m 240.6 (234.7m)
Adjusted measures((3)):
Adjusted EBITDA((4)) 63.3 125.1 (49%) 126.6 (50%)
% of revenue 3.6% 6.3% (270bps) 10.2% (660bps)
Adjusted EBIT((5)) 6.9 84.1 (92%) 107.0 (94%)
% of revenue 0.4% 4.2% (380bps) 8.7% (830bps)
Adjusted profit/(loss) before tax((6)) (1.6) 82.5 (102%) 108.3 (101%)
Adjusted diluted earnings per share((7)) (0.02)p 4.39p (100%) 5.88p (100%)
Notes:
(1) Change on 2020, three years ago, compares current trading to the
pre-pandemic period to give a better understanding of performance when
compared to the unusual growth and characteristics of trade in 2020.
(2) Net cash is cash less borrowings, excluding lease liabilities.
(3) Adjusted items, which are not statutory measures, show the underlying
performance of the group excluding large, non-cash and exceptional items (note
1).
(4) Adjusted EBITDA is calculated as profit before tax, interest,
depreciation, amortisation, share-based payment charges and exceptional items.
(5) Adjusted EBIT is calculated as profit before tax, interest, amortisation
of acquired intangible assets, share-based payment charges and exceptional
items.
(6) Adjusted profit before tax is calculated as profit before tax, excluding
amortisation of acquired intangible assets, share-based payment charges and
exceptional items.
(7) Adjusted diluted earnings per share is calculated as diluted earnings per
share, adding back amortisation of acquired intangible assets, share-based
payment charges and exceptional items.
Group overview
Group revenue for the year declined by 11% (13% Constant Exchange Rate =
"CER") to £1.769 billion from £1.983 billion in 2022 reflecting the impact
of the macro-economic and consumer backdrop. UK revenues declined 9%,
softening through the second half of the year as inflation increased and
consumer demand was impacted by cost-of-living pressures. International
revenues declined 13%, with extended delivery times continuing to impact our
customer proposition. Gross sales before returns were flat; however, return
rates climbed above pre-pandemic levels following the exceptionally low levels
seen during the pandemic and in the early half of the previous year, which
impacted net sales growth.
Adjusted EBITDA was £63.3 million (2022: £125.1 million; 2020: £126.6
million), a decrease of 49% on the previous year and a decrease of 50% on
2020. Gross profit margin was 50.6%, down 190bps on the prior year (2022:
52.5%) and down 340bps compared to 2020 (54.0%). Adjusted EBITDA margin was
3.6% (2022: 6.3%; 2020: 10.2%).
Profitability has been impacted by the fall in sales, freight and logistics
inflation related to the pandemic, and labour and energy cost inflation. In
addition, ongoing strategic investments have continued across the platform
from which the group will benefit over the medium term, most notably the US
Distribution Centre. Loss before tax was £90.7 million (2022: £7.8 million
profit; 2020: £92.2 million profit). Loss per share was 6.13p (2022: 0.32p
loss; 2020: 5.35p diluted earnings). Adjusted diluted loss per share was 0.02p
(2022: 4.39p earnings; 2020: 5.88p earnings).
Inefficiencies in acquired brands were addressed as part of the cost-reduction
programme, but operated for much of the year with higher overheads as a
percentage of revenue. Central overheads increased as a percentage of net
sales due to the decline in net sales year on year, but the group did see an
improvement in cost ratios in the second half of the year with the initial
impacts of the cost-reduction programme. Distribution costs declined year on
year because of lower volumes, but also cost efficiencies following the
closure of a UK warehousing facility and the successful go-live of our
automation project at our Sheffield distribution centre, which drove
significant efficiencies in the second half of the financial year.
During the year, the group incurred significant, non-recurring costs, which
are shown as exceptional items in the financial statements and have not been
included in the adjusted performance measures. These items relate to:
· costs associated with the installation of the automation in the
Sheffield facility;
· restructuring costs and impairment of assets associated with the
closure of a UK warehousing facility and at loss-making operations;
· set-up costs associated with the opening of a warehousing facility in
the USA;
· discontinuation of cash flow hedge contracts made ineffective due to
cost profile of the warehousing facility in the USA; and
· redundancy costs.
These exceptional items amounted to £44.9 million and are detailed in note 1
of the financial statements. Additional exceptional costs associated with the
opening of the warehousing facility in the USA will be incurred in the next
financial year.
While the last twelve months have been challenging, over the last three years,
the group has made tremendous progress towards achieving its long-term growth
ambitions. Since FY2020, the group has:
· grown significantly with total revenue +43%, (UK: +61%,
International: +22%), during a period in which clothing sales in key markets
remain broadly flat;
· increased in its largest market, the UK, its share of spend online
from 6.2% to 6.9%, with price, product and proposition resonating strongly
with consumers;
· increased its active customer base to 18 million active customers, up
from 13 million, through organic growth and an increased brand portfolio;
· extended target addressable market through acquisitions, with up to
500 million potential customers in key global markets;
· built infrastructure capable of supporting more than £4 billion of
net sales, with automation driving efficiencies and an international
distribution centre enhancing our proposition
· developed numerous growth opportunities through its
direct-to-consumer proposition, Debenhams and other routes to market,
including strategic partnerships with select partners globally; and
· made progress on its sustainability strategy, including launching
PrettyLittleThing marketplace, a clothing resale platform.
Key Performance Indicators
Active customer numbers in the last 12 months decreased by 10% to 18.0
million, reflecting the switch back to offline following the pandemic. Despite
this, they have increased 29% over the last three years, with organic growth
from our brands and the extension of our target addressable market through
brand acquisitions.
Average order frequency decreased marginally from 3.14 to 3.08 times p.a.
Average order value increased by 11% to £53.32, while the number of items per
basket decreased from 3.04 to 2.82, driven partly by the addition of the newer
brands with lower basket sizes as well as changes in customer behaviour.
Cash and Working Capital Management
Cash generation improved because of tighter working capital management,
particularly in relation to inventory. Operating cash flow was £130.9 million
(2022: £10.3 million; 2020: £127.3 million). Inventory has been reduced
significantly, down £101 million/36% year on year, as at the end of February.
Capital expenditure of £91.2 million included a substantial investment in
property and distribution centres of £46.8 million, mainly around Sheffield
automation. In addition, the group acquired 26.47% of the issued share capital
of Revolution Beauty Group plc ("REVB") for £15.0m. Net cash flow increased
by £229.6 million (2022: £174.7 million decrease; 2020: £47.6 million
increase). The net cash balance at the year end increased to £5.9 million
(2022: £1.3 million; 2020: £240.6 million), with total liquidity of £330.9
million.
During the year, the group secured a new £325 million rolling capital
facility, increasing from the previous £100 million facility to facilitate
our next growth phase.
The Group will continue to make selective investments to support its platform
and brands, in line with its internal investment criteria and in a manner that
reflects the current macro-economic environment.
Performance by market
UK
The UK market continues to be the largest for the group, accounting for 62% of
revenue (2022: 61%). Revenue was £1,091.5 million declining by 9% on 2022,
although the pre-pandemic three-year growth remains robust at 61%. Return
rates have increased above pre-pandemic levels. This is attributable to the
change in the product mix post-pandemic (casual items to occasion wear) and to
the introduction of the newer, higher-price point brands, which all have
higher return rates - as well as macro consumer trends. In response to those
consumer trends, during the year, chargeable returns for non-Premier/Royalty
customers were introduced, which more closely align the UK market with other
territories.
Gross margin reduced from 49.4% to 47.9% due to substantial increases in
inbound shipping rates and product cost inflation. Prices were raised across
some product lines to help offset increased costs; we were unable to change
sourcing to alternative geographic regions to reduce the impact of these cost
increases, but looked to ensure our offer remained competitive to consumers
facing high inflation and other cost-of-living challenges.
We are encouraged by the sales performance of our more recently acquired
brands and continued progression made by our Debenhams digital department
store, as well as the significant gains in market share achieved across our
brand portfolio over the last three years.
USA
Performance in the USA has been below expectations, with revenue declining 19%
on the prior year, although revenue growth over the three-year period is
strong at 38%. Delivery times to the USA are still elevated compared to
pre-pandemic levels, and this is, undoubtedly, impacting demand, although the
situation is improving slowly with growth returning in the final two months of
the year. Return rates have increased above pre-pandemic levels. Gross margin
is high, although lower than the prior year, reducing from 61.5% to 58.0%.
Distribution costs have remained high due to the ongoing elevated airfreight
costs and remain materially above pre-pandemic levels. The opening of our US
warehouse in 2023/2024 will help to alleviate these going forward.
Rest of Europe
Our revenue in the rest of Europe decreased by 6% over 2022, although it
increased by 10% compared to 2020, compared to a broader market, which
continues to be broadly flat versus pre-pandemic levels. Return rates have
increased above pre-pandemic levels. Encouragingly, our more recently acquired
brands are making strong progress, albeit from a low base. Gross margin
declined from 54.5% to 52.0% with profitability continuing to be impacted by
elevated freight costs and high distribution costs.
Rest of world
Revenue in the rest of the world has decreased by 2% on the prior year to
£107.0 million (increased by 3% on 2020). We have seen successful growth of
marketplace and wholesale sales to our partners in the Middle East. In
addition, markets such as Australia are starting to see improvements from
reduced delivery times. Gross margin declined from 52.5% to 50.7% with
profitability continuing to be impacted by elevated freight costs and high
distribution costs.
Financial review
Revenue by geographical market
2023 2022 2023 change on 2022 2023 change on 2022 2020 2023 change on 2020
£ million £ million CER £ million
UK 1,091.5 1,202.8 (9%) (9%) 679.4 61%
Rest of Europe 206.5 219.2 (6%) (8%) 188.4 10%
USA 363.7 451.6 (19%) (24%) 263.6 38%
Rest of World 107.0 109.2 (2%) (8%) 103.5 3%
1,768.7 1,982.8 (11%) (13%) 1,234.9 43%
KPIs
2023 2022 2023 2020 2023
change on change on 2020
2022
Active customers((1)) 18.0 million 19.9 million (10%) 13.9 million 29%
Number of orders 55.5 million 62.4 million (11%) 42.2 million 32%
Order frequency((2)) 3.08 3.14 (2)% 3.04 1%
Conversion rate to sale ((3)) 3.74% 3.56%((5)) 5% 4.26% (12%)
Average order value((4)) £53.32 £48.16 11% £43.50 23%
Number of items per basket 2.82 3.04 (7%) 3.06 (8%)
(1) Defined as having shopped in the last 12 months on the website and app,
including marketplace.
(2) Defined as number of website and app orders in last 12 months divided by
number of active customers.
(3) Defined as the percentage of website and app orders taken to internet
sessions.
(4) Calculated as gross sales including sales tax divided by the number of
orders.
(5) FY22 conversion rate to sale restated due to improved data gathering
Consolidated income statement
2023 2022 2023 change on 2022 2020 2023 change on 2020
£ million £ million £ million
Revenue 1,768.7 1,982.8 (11%) 1,234.9 43%
Cost of sales (873.5) (941.7) (7%) (568.6) 54%
Gross profit 895.2 1,041.1 (14%) 666.3 34%
Gross margin 50.6% 52.5% (190bps) 54.0% (340bps)
Operating costs (832.1) (916.1) (539.9)
Other income 0.2 0.1 0.2
Adjusted EBITDA 63.3 125.1 (49%) 126.6 (50%)
Adjusted EBITDA margin % 3.6% 6.3% (270bps) 10.2% (660bps)
Depreciation (39.5) (32.0) (16.6)
Amortisation of other intangible assets (16.9) (9.0) (3.0)
Adjusted EBIT 6.9 84.1 (92%) 107.0 (94%)
Adjusted EBIT margin % 0.4% 4.2% (380bps) 8.7% (830bps)
Adjusting items:
Amortisation of acquired intangible assets (12.2) (12.8) (5.1)
Equity-settled share-based payment charges (32.0) (26.1) (11.0)
Exceptional items and impairment (44.9) (35.8) -
Operating (loss)/profit (82.2) 9.4 (974%) 90.9 (190%)
Finance income 3.5 - 1.7
Finance expense (12.0) (1.6) (0.4)
(Loss)/profit before tax (90.7) 7.8 (1263%) 92.2 (198%)
Tax 15.1 (11.8) (19.3)
(Loss)/profit after tax for the year (75.6) (4.0) (1790%) 72.9 (204%)
(Loss)/diluted earnings per share (6.13)p (0.32)p (1816%) 5.35p (215%)
Adjusted profit/(loss) after tax for the year (0.2) 56.3 (100%) 86.0 (100%)
Amortisation of acquired intangible assets (12.2) (12.8) (5.1)
Share-based payment charges (32.0) (26.1) (11.0)
Exceptional items and impairment (44.9) (35.8) -
Adjustment for tax 13.7 14.4 3.0
(Loss)/profit after tax for the year (75.6) (4.0) 72.9
Adjusted diluted (loss)/earnings per share (0.02)p 4.39p (100%) 5.88p (100%)
Group revenue for the year declined by 11% (13% CER) when compared to the
previous year at £1,768.7 million (2022: £1,982.8 million, 2020: £1,234.9
million) and has increased by 43% on three years ago, pre-pandemic. The
comparison with three years ago demonstrates the growth of the business,
excluding the exceptional growth and low returns during the pandemic periods.
Gross sales before returns were flat year on year; however, with returns
higher than in the pandemic period, net revenues declined.
Operating costs, comprising distribution costs and administrative expenses,
excluding depreciation and amortisation, have increased by 80bps to 47.0% of
revenue, due to the operational deleverage from a decline in net sales year on
year, coupled with inflationary cost pressures as a result of the
macro-economic backdrop. Marketing and distribution costs have declined as a %
of revenue year on year with tighter brand spend and the successful go-live of
automation in our Sheffield distribution centre in the second half of the
financial year.
Adjusted EBITDA, which is not a statutory measure, represents earnings before
interest, tax, depreciation, amortisation, non-cash share-based payments
charges and exceptional items. It provides a useful measure of the underlying
profitability of the business. Adjusted EBITDA decreased by 49% from £125.1
million to £63.3 million and, as a percentage of revenue, decreased from
6.3.0% to 3.6%.
Adjusted profit after tax, as with Adjusted EBITDA, provides another more
consistent measure of the underlying profitability of the business by removing
non-cash amortisation of intangible assets relating to the acquisition of new
brands (being their trademarks and customer lists), share-based payment
charges and exceptional items.
The group recognised a total expense of £32.0 million during the year (2022:
£26.1 million) relating to equity-settled share-based payment transactions.
During the year, the 2019 Growth Share Plan (introduced for the CEO in 2019)
and the 2020 Management Incentive Plan (introduced in 2020) were cancelled.
The charge for the year and the remaining expense on these schemes totalling
£15.8m has, therefore, been recognised in these financial statements in
accordance with IFRS 2.
Exceptional items amounted to £44.9 million and are shown in more detail in
note 1 of the financial statements.
A tax credit of £15.1m has been recognised, which represents an effective
rate of tax for the year of 16.6% (2022: 151.3%). This is lower than the tax
credit calculated when multiplying the loss before tax at the blended UK
statutory rate of tax for the year of 19.0% (2022: 19.0%), due to the
revaluation of deferred tax liabilities in line with the increase in
corporation tax rates to 25%, expenditure not deductible for tax purposes,
being principally depreciation on buildings and fit-out, disallowable legal
claims and share-based payment charges on growth shares.
Consolidated statement of financial position
2023 2022 2020
£ million £ million £ million
Intangible assets 131.5 128.5 42.3
Property, plant and equipment 371.6 349.2 119.2
Right-of-use assets 136.4 49.7 14.6
Financial assets 15.6 2.8 4.5
Deferred tax asset 23.5 7.5 6.0
Non-current assets 678.6 537.7 186.6
Working capital (104.9) (12.7) (63.9)
Lease liabilities (138.6) (51.9) (16.2)
Net financial assets/(liabilities) (16.8) 7.4 (9.0)
Cash and cash equivalents 330.9 101.3 245.4
Interest-bearing loans and borrowings (325.0) (100.0) (4.8)
Deferred tax liability (24.2) (25.3) (3.6)
Net current tax asset/(liability) - 7.8 (6.6)
Net assets 400.0 464.3 327.9
There has been a substantial investment in property and distribution centres
to facilitate our next phase of growth, funded out of cash resources and
partly from the £325m revolving credit facility (which is fully drawn).
Balance sheet strength is maintained with £136.1 million of unencumbered
freehold assets. Working capital has improved primarily due to tighter
inventory levels, with inventory declining 36% year on year at the end of
February 2023.
During the year, 26.47% of the issued share capital of Revolution Beauty Group
plc ("REVB") was obtained for consideration of £15.0m, with the investment
building upon the existing relationship between boohoo and REVB, under which
REVB products are sold through several of the group's D2C brand websites and
its online digital department store, Debenhams. On 1 September 2022, REVB was
temporarily suspended from trading on the Alternative Investment Market
pending publication of the company's annual audited accounts. As at 28
February 2023, REVB shares remain suspended from trading, with the investment
held at cost on the Group's balance sheet due to the lack of an active market,
currently, as well as the very short time for which the investment has been
held at the balance sheet date.
Intangible and fixed asset additions
2023 2022 2020
£ million £ million £ million
Purchased intangible and fixed assets
Intangible assets
Trademarks and customer lists - - 19.4
Software and licenses 32.1 32.0 3.8
32.1 32.0 23.2
Tangible fixed assets
Distribution centres 46.8 120.3 15.4
Offices, office equipment, fixtures and fit-outs 12.3 109.0 6.6
Motor vehicles - 0.2 0.4
59.1 229.5 22.4
Total intangible and fixed asset additions 91.2 261.5 45.6
Liquidity and financial resources
Operating cash flow was £130.9 million compared to £10.3 million in the
previous year and free cash inflow after tax was £30.2 million compared to an
outflow of £251.2 million in the previous financial year. Capital expenditure
and intangible asset purchases were £91.2 million, which includes a £46.8
million investment in our distribution centres to support future growth. The
closing cash balance for the group was £330.9 million and the net cash
balance £5.9 million.
Consolidated cash flow statement
2023 2022 2020
£ million £ million £ million
(Loss)/profit after tax for the year (75.6) (4.0) 72.9
Share-based payments charge 32.0 26.1 11.0
Depreciation charges and amortisation 68.6 53.8 24.7
Impairment charges 27.7 - -
Finance income (3.5) - (1.7)
Finance expense 12.0 1.6 0.4
Loss on sale of fixed assets - - 0.2
Tax (credit)/expense (15.1) 11.8 19.3
Decrease/(increase) in inventories 101.3 (134.5) (32.3)
Decrease/(increase) in trade and other receivables 19.4 (17.7) (9.4)
Increase/(decrease) in trade and other payables (35.9) 73.2 42.2
Operating cash inflow 130.9 10.3 127.3
Capital expenditure and intangible asset purchases (91.2) (261.5) (26.2)
Acquisition of new brands - - (19.4)
Investments in equity instruments (15.3) - -
Tax repaid/(paid) 5.8 - (11.6)
Free cash in/(out)flow after tax 30.2 (251.2) 70.1
Net proceeds from the issue of ordinary shares 0.2 6.8 2.7
Purchase of own shares by EBT (7.4) (19.2) (14.9)
Proceeds from the sale of fixed assets 0.5 - -
Finance income received 2.7 - 1.8
Finance expense paid (9.6) (0.9) (0.3)
Dividend paid to non-controlling interests - - (3.4)
Lease payments (12.0) (10.2) (6.0)
Increase in/(repayment) of borrowings 225.0 100.0 (2.4)
Net cash in/(out)flow 229.6 (174.7) 47.6
Cash and cash equivalents at beginning of year 101.3 276.0 197.8
Cash and cash equivalents at end of year 330.9 101.3 245.4
Trends and factors likely to affect future performance
The global market for online fashion is forecast to continue to grow, which
provides a favourable backdrop for the group. Customers throughout the world
are seeking a wide choice of quality, fashion-forward products at value
prices, with the convenience of home delivery. The group's target market has a
high propensity to spend on fashion and the market has proven to be quite
resilient to external macroeconomic factors.
The pandemic has impacted our business and is most significantly seen in the
unpredictability of customer demand, the rate of customer returns, the
increase in shipping times and the cost of shipping on both inbound and
outbound products. Some of these factors, such as the rate of customer
returns, have already reverted from the low rates during the pandemic to rates
seen before the pandemic. Previous cost increases in relation to inbound
freight have moved back towards pre-pandemic levels, with supply chains
speeding up, allowing for the group to look to reinforce its USPs and value
credentials for its fashion-conscious customers, globally.
Consolidated statement of comprehensive income
for the year ended 28 February 2023
Note 2023 pre-exceptional 2023 exceptional items((1)) 2023 total((2)) 2022 pre-exceptional 2022 2022 total((2))
items items exceptional items((1))
£ million £ million £ million £ million £ million £ million
Revenue 2 1,768.7 - 1,768.7 1,982.8 - 1,982.8
Cost of sales (873.5) - (873.5) (941.7) - (941.7)
Gross profit 895.2 - 895.2 1,041.1 - 1,041.1
Distribution costs (427.9) (20.0) (447.9) (488.1) (28.4) (516.5)
Administrative expenses (504.8) (24.9) (529.7) (507.9) (7.4) (515.3)
Amortisation of acquired intangibles (12.2) - (12.2) (12.8) - (12.8)
Other administrative expenses (492.6) (24.9) (517.5) (495.1) (7.4) (502.5)
Other income 3 0.2 - 0.2 0.1 - 0.1
Operating (loss)/profit (37.3) (44.9) (82.2) 45.2 (35.8) 9.4
Finance income 4 3.5 - 3.5 - - -
Finance expense (12.0) - (12.0) (1.6) - (1.6)
(Loss)/profit before tax 6 (45.8) (44.9) (90.7) 43.6 (35.8) 7.8
Taxation 10 6.6 8.5 15.1 (18.6) 6.8 (11.8)
(Loss)/profit for the year (39.2) (36.4) (75.6) 25.0 (29.0) (4.0)
Total other comprehensive (loss)/income for the year
Items that may be reclassified to profit or loss:
Loss/(gain) reclassified to profit and loss during the year 16.2 - 16.2 (14.8) - (14.8)
Fair value (loss)/gain on cash flow hedges during the year((3)) (28.7) - (28.7) (0.7) - (0.7)
Income tax relating to these items 2.4 - 2.4 2.9 - 2.9
Total other comprehensive loss for the year (10.1) - (10.1) (12.6) - (12.6)
Total comprehensive (loss)/income for the year (49.3) (36.4) (85.7) 12.4 (29.0) (16.6)
Loss per share 7
Basic (6.13)p (0.32)p
Diluted (6.13)p (0.32)p
1. See Note 1, exceptional items
2. 2023 and 2022 total is the IFRS-compliant measure for the
consolidated statement of comprehensive income
3. Net fair value gains on cash flow hedges will be reclassified
to profit or loss during the three years to 28 February 2026.
Consolidated statement of financial position
at 28 February 2023
Note 2023 2022
£ million £ million
Assets
Non-current assets
Intangible assets 11 131.5 128.5
Property, plant and equipment 12 371.6 349.2
Right-of-use assets 13 136.4 49.7
Financial assets 25 0.3 2.8
Financial assets - equity investments 25 15.3 -
Deferred tax 14 23.5 7.5
678.6 537.7
Current assets
Inventories 15 178.1 279.4
Trade and other receivables 16 37.0 58.0
Financial assets 25 1.1 14.2
Current tax asset - 7.8
Cash and cash equivalents 17 330.9 101.3
Total current assets 547.1 460.7
Total assets 1,225.7 998.4
Liabilities
Current liabilities
Trade and other payables 18 (260.3) (296.6)
Provisions 19 (49.7) (53.5)
Interest-bearing loans and borrowings 20 - (100.0)
Lease liabilities 21 (12.1) (7.9)
Financial liabilities 25 (15.7) (3.7)
Total current liabilities (337.8) (461.7)
Non-current liabilities
Provisions 19 (10.0) -
Interest-bearing loans and borrowings 20 (325.0) -
Lease liabilities 21 (126.5) (44.0)
Financial liabilities 25 (2.2) (3.1)
Deferred tax 14 (24.2) (25.3)
Total liabilities (825.7) (534.1)
Net assets 400.0 464.3
Equity
Share capital 22 12.7 12.7
Shares to be issued 23 31.9 31.9
Share premium 916.8 922.8
Hedging reserve (2.3) 10.2
EBT reserve (76.8) (75.6)
Other reserves 24 (796.5) (795.5)
Retained earnings 314.2 357.8
Total equity 400.0 464.3
Consolidated statement of changes in equity
Share capital Shares Share premium Hedging reserve EBT Other reserves Retained earnings Total
to be issued reserve equity
£ million £ million £ million £ million £ million £ million £ million £ million
Balance at 28 February 2021 12.6 31.9 916.2 25.7 (56.5) (795.2) 337.8 472.5
Loss for the year - - - - - - (4.0) (4.0)
Other comprehensive income/(expense):
Gain reclassified to profit or loss in revenue - - - (14.8) - - - (14.8)
Fair value loss on cash flow hedges during the year - - - (0.7) - - - (0.7)
Total comprehensive income for the year - - - (15.5) - - (4.0) (19.5)
Issue of shares 0.1 - 6.6 - (19.1) - - (12.4)
Share-based payments credit - - - - - - 26.1 26.1
Excess taxation on share-based payments - - - - - - (2.1) (2.1)
Translation of foreign operations - - - - - (0.3) - (0.3)
Balance at 28 February 2022 12.7 31.9 922.8 10.2 (75.6) (795.5) 357.8 464.3
Loss for the year - - - - - - (75.6) (75.6)
Other comprehensive income/(expense): - - - - - - - -
Loss reclassified to profit or loss in exceptional items (note 1) - - - 14.3 - - - 14.3
Loss reclassified to profit or loss in revenue - - - 1.9 - - - 1.9
Fair value loss on cash flow hedges during the year - - - (28.7) - - - (28.7)
Total comprehensive income for the year - - - (12.5) - - (75.6) (88.1)
Issue of shares - - (6.0) - (1.2) - - (7.2)
Share-based payments credit - - - - - - 32.0 32.0
Translation of foreign operations - - - - - (1.0) - (1.0)
Balance at 28 February 2023 12.7 31.9 916.8 (2.3) (76.8) (796.5) 314.2 400.0
Consolidated cash flow statement
for the year ended 28 February 2023
Note 2023 2022
£ million £ million
Cash flows from operating activities
Loss for the year (75.6) (4.0)
Adjustments for:
Share-based payments charge 32.0 26.1
Depreciation charges and amortisation 68.6 53.8
Impairment of property, plant and equipment 9.8 -
Impairment of right-of-use assets 3.6 -
Impairment of financial assets 14.3 -
Finance income (3.5) -
Finance expense 12.0 1.6
Tax (credit)/expense (15.1) 11.8
46.1 89.3
Decrease/(increase) in inventories 15 101.3 (134.5)
Decrease/(increase) in trade and other receivables 16 19.4 (17.7)
(Decrease)/increase in trade and other payables 18 (35.9) 73.2
Cash generated from operations 130.9 10.3
Tax repaid/(paid) 5.8 -
Net cash generated from operating activities 136.7 10.3
Cash flows from investing activities
Acquisition of intangible assets 11 (32.1) (32.0)
Acquisition of property, plant and equipment 12 (59.1) (229.5)
Proceeds from the sale of property, plant and equipment 12 0.5 -
Acquisition of financial assets - equity investments 25 (15.3) -
Finance income received 2.7 -
Net cash used in investing activities (103.3) (261.5)
Cash flows from financing activities
Proceeds from the issue of ordinary shares 0.2 6.8
Purchase of own shares by EBT (7.4) (19.2)
Finance expense paid (9.6) (0.9)
Lease payments (12.0) (10.2)
Increase in borrowings 20 225.0 100.0
Net cash generated from financing activities 196.2 76.5
Increase/(decrease) in cash and cash equivalents 229.6 (174.7)
Cash and cash equivalents at beginning of year 101.3 276.0
Cash and cash equivalents at end of year 330.9 101.3
Notes to the financial statements
(forming part of the financial statements)
1 Accounting policies
General information
The boohoo group plc operates as a multi-brand online retailer, based in the
UK and is a public limited company incorporated and domiciled in Jersey and
listed on the Alternative Investment Market (AIM) of the London Stock
Exchange. Its registered office address is 12 Castle Street, St Helier,
Jersey, JE2 3RT. The company was incorporated on 19 November 2013.
Basis of preparation
The consolidated financial statements of the group have been approved by the
directors and prepared on a going concern basis in accordance with UK-adopted
international accounting standards and the Companies (Jersey) Law 1991.
The financial statements have been approved on the assumption that the group
and company remain a going concern. The group has cash resources and credit
facilities sufficient to continue solvent trading in the face of an unforeseen
downturn in demand.
New and amended statements adopted by the group
The following new standards and amendments to standards have been adopted by
the group for the first time during the year commencing 1 March 2022.
· Amendments to IFRS 3: Business Combinations
· Amendments to IAS 16: Property, Plant and Equipment
· Amendments to IAS 37: Provisions, Contingent Liabilities and
Contingent Assets.
Standards, amendments and interpretations to existing standards that are not
yet effective and have not been early adopted by the group.
The following standards have been published for accounting periods beginning
after 1 March 2023 but have not been adopted by the UK and have not been early
adopted by the group and could have an impact on the group financial
statements.
· Amendments to IAS1: Presentation of Financial Statements
· Amendments to IAS 8: Accounting policies, Changes in Accounting
Estimates and Errors
· Amendments to IAS 12: Income Taxes - Deferred Tax related to
Assets and Liabilities arising from a Single Transaction.
Measurement convention
The consolidated financial statements have been prepared under the historical
cost convention, excluding financial assets and financial liabilities
(including derivative instruments) held at either fair value through profit or
loss or fair value through other comprehensive income and excluding assets and
liabilities acquired through acquisitions and held at fair value. The
principal accounting policies adopted in the preparation of these financial
statements are set out below. These policies have been consistently applied to
all the years presented, unless otherwise stated.
Exceptional items
The group exercise judgement in assessing whether items should be classified
as exceptional. This assessment covers the nature of the item, cause of
occurrence and scale of impact of that item on the reported performance. The
exceptional costs in these financial statements include: additional disruption
costs associated with the installation of the automation in the Sheffield
facility, restructuring costs and impairment of assets associated with the
closure of a UK warehousing facility and at loss-making operations, set up
costs associated with the opening of a warehousing facility in the USA, the
reclassification to profit or loss of discontinued cash flow hedge contracts
which has arisen due to the acceleration of the opening of the warehousing
facility in the USA, and redundancy costs. Additional exceptional costs
associated with the opening of the warehousing facility in the USA are
expected to be incurred in the next financial year.
Exceptional costs and impairment of assets 2023 2022
£ million £ million
Selling and distribution costs
Sheffield automation disruption costs 8.3 10.6
Impairment of UK warehouse property, plant and equipment 3.3 -
Impairment of UK warehouse right-of-use asset 3.6 -
UK warehouse restructuring and dual operating costs 2.4 9.4
USA warehouse set up costs 2.4 -
Irrecoverable EU sales tax on returns pre IOSS - 5.1
Redundancy costs - 3.3
20.0 28.4
Administration expenses
Reclassification to profit or loss of discontinued hedge contracts 14.3 -
Impairment of property, plant and equipment at loss-making operations 6.5 -
Redundancy costs 4.1 0.4
Dual administrative costs during transition of new brands from sellers - 3.9
Acquisition and restructuring costs - 3.1
24.9 7.4
Total before tax 44.9 35.8
Tax (8.5) (6.8)
Total after tax 36.4 29.0
2 Segmental analysis
IFRS 8, 'Operating Segments', requires operating segments to be determined
based on the group's internal reporting to the chief operating decision maker.
The chief operating decision maker is considered to be the executive board,
which has determined that the primary segmental reporting format of the group
is by geographic region. The group strategy is to increase market share in
each territory using the optimum mix of brands that is appropriate for each
market, taking into account factors such as consumer preference, established
presence and brand appeal.
Year ended 28 February 2023
UK Rest of USA Rest of Total
Europe world
£ million £ million £ million £ million £ million
Revenue 1,091.5 206.5 363.7 107.0 1,768.7
Cost of sales (569.1) (99.1) (152.6) (52.7) (873.5)
Gross profit 522.4 107.4 211.1 54.3 895.2
Distribution costs - - - - (447.9)
Administrative expenses - other - - - - (517.5)
Amortisation of acquired intangibles - - - - (12.2)
Other income - - - - 0.2
Operating loss - - - - (82.2)
Finance income - - - - 3.5
Finance expense - - - - (12.0)
Loss before tax - - - - (90.7)
Year ended 28 February 2022
UK Rest of USA Rest of Total
Europe world
£ million £ million £ million £ million £ million
Revenue 1,202.8 219.2 451.6 109.2 1,982.8
Cost of sales (608.6) (99.7) (181.5) (51.9) (941.7)
Gross profit 594.2 119.5 270.1 57.3 1,041.1
Distribution costs - - - - (516.5)
Administrative expenses - other - - - - (502.5)
Amortisation of acquired intangibles - - - - (12.8)
Other income - - - - 0.1
Operating profit - - - - 9.4
Finance income - - - - -
Finance expense - - - - (1.6)
Profit before tax - - - - 7.8
Due to the nature of its activities, the group is not reliant on any
individual customers.
No analysis of the assets and liabilities of each operating segment is
provided to the chief operating decision maker in the monthly management
accounts; therefore, no measure of segmental assets or liabilities is
disclosed in this note. Non-current assets located outside the UK comprise a
right-of-use asset, warehouse fixtures and fittings and offices in the USA
with a net book value of £107.4 million.
3 Other income
2023 2022
£ million £ million
Property rental income 0.1 0.1
R&D expenditure tax credit 0.1 -
0.2 0.1
4 Finance income and expense
2023 2022
£ million £ million
Finance income: Bank interest received 3.5 -
Finance expense: RCF interest paid (9.6) (0.8)
Finance expense: IFRS 16 lease interest (1.7) (0.8)
Finance expense: RCF arrangement and facility fees (0.7) -
(12.0) (1.6)
5 Auditors' remuneration
2023 2022
£ million £ million
Audit of these financial statements 0.6 0.5
Disclosure below based on amounts receivable in respect of services to the
group
Amounts receivable by auditors and their associates in respect of:
Audit of financial statements of subsidiaries pursuant to legislation - -
0.6 0.5
6 Profit before tax
Profit before tax is stated after charging: 2023 2022
£ million £ million
Short-term operating lease rentals for buildings 0.1 0.6
Equity-settled share-based payment charges 32.0 26.1
Exceptional costs, excluding impairment (note 1) 31.5 35.8
Depreciation of property, plant and equipment 26.7 22.0
Impairment of property, plant and equipment (note 1) 9.8 -
Depreciation of right-of-use assets 12.8 10.0
Impairment of right-of-use assets (note 1) 3.6 -
Amortisation of intangible assets 16.9 9.0
Amortisation of acquired intangible assets 12.2 12.8
7 Earnings per share
Basic earnings per share is calculated by dividing profit after tax
attributable to members of the holding company by the weighted average number
of shares in issue during the year. Own shares held by the Employee Benefit
Trust are eliminated from the weighted average number of shares. Diluted
earnings per share is calculated by dividing the result after tax attributable
to members of the holding company by the weighted average number of shares in
issue during the year, adjusted for potentially dilutive share options, except
when there is a loss, in which case the basic measure is used.
2023 2022
Weighted average shares in issue for basic earnings per share 1,233.0 1,235.3
Dilutive share options 69.4 48.2
Weighted average shares in issue for diluted earnings per share 1,302.4 1,283.5
Loss (£ million) (75.6) (4.0)
Loss per share (6.13)p (0.32)p
Loss (£ million) (75.6) (4.0)
Adjusting items:
Amortisation of intangible assets arising on acquisitions 12.2 12.8
Share-based payments charges 32.0 26.1
Exceptional items 31.5 35.8
Impairment of assets 13.4 -
Adjustment for tax (13.7) (14.4)
Adjusted (loss)/earnings (0.2) 56.3
Adjusted (loss)/basic earnings per share (0.02)p 4.56p
Adjusted (loss)/diluted earnings per share (0.02)p 4.39p
Adjusted earnings and adjusted earnings per share is a non-IFRS measure which
in management's opinion gives a more consistent measure of the underlying
performance of the business excluding non-cash accounting charges relating to
the amortisation of intangible assets valued upon acquisitions, non-cash
share-based payment charges and exceptional items.
8 Staff numbers and costs
The average monthly number of persons employed by the group (including
directors) during the year, analysed by category, was as follows:
Number of employees
2023 2022
Administration 2,475 2,462
Distribution 3,715 2,888
6,190 5,350
The aggregate payroll costs of these persons were as follows:
2023 2022
£ million £ million
Wages and salaries 176.3 174.8
Social security costs 19.0 14.3
Post-employment benefits 4.4 3.8
Equity-settled share-based payment charges 32.0 26.1
231.7 219.0
9 Directors' and key management compensation
2023 2022
£ million £ million
Short-term employee benefits 21.8 25.3
Post-employment benefits 0.3 0.3
Equity-settled share-based payment charges 4.5 3.4
26.6 29.0
Directors' and key management compensation comprises the group directors and
executive committee members.
10 Taxation
2023 2022
£ million £ million
Analysis of (credit)/charge in year
Current tax on income for the year - (1.9)
Adjustments in respect of prior year taxes 2.0 (0.1)
Deferred taxation (note 15) (17.1) 13.8
Tax (credit)/charge (15.1) 11.8
Income tax expense computations are based on the jurisdictions in which
taxable profits were earned at prevailing rates in those jurisdictions. The
company is subject to Jersey income tax at the standard rate of 0%. The
reconciliation below relates to tax incurred in the UK where the group is tax
resident. The total tax charge differs from the amount computed by applying
the UK rate of 19.0% for the year (2022: 19.0%) to profit before tax as a
result of the following:
2023 2022
£ million £ million
(Loss)/profit before tax (90.7) 7.8
(Loss)/profit before tax multiplied by the standard rate of corporation tax of (17.2) 1.5
the UK of 19.0% (2022: 19.0%)
Effects of:
Expenses not deductible for tax purposes 4.6 3.5
Change in deferred tax rate (5.9) 5.9
Adjustments in respect of prior year taxes 2.0 (0.1)
Overseas tax differentials 0.5 0.5
R&D tax credits - 0.1
Depreciation on ineligible assets 0.9 0.4
Tax (credit)/charge (15.1) 11.8
Tax recognised in the statement of changes in equity
Deferred tax debit on movement in tax base of share options (0.1) (3.0)
No current tax was recognised in other comprehensive income (2022: £nil). The
UK corporation tax rate will change effective April 2023 from 19% to 25% as
enacted by the UK Government.
11 Intangible assets
Patents and licences Trademarks Customer lists Computer software Total
£ million £ million £ million £ million £ million
Cost
Balance at 28 February 2021 0.6 115.6 8.1 23.5 147.8
Additions - - - 32.0 32.0
Disposals - - - (2.3) (2.3)
Balance at 28 February 2022 0.6 115.6 8.1 53.2 177.5
Additions 0.4 - - 31.7 32.1
Disposals - - - (1.7) (1.7)
Balance at 28 February 2023 1.0 115.6 8.1 83.2 207.9
Accumulated amortisation
Balance at 28 February 2021 0.5 13.9 6.1 9.0 29.5
Amortisation for year 0.1 12.1 0.7 8.9 21.8
Disposals - - - (2.3) (2.3)
Balance at 28 February 2022 0.6 26.0 6.8 15.6 49.0
Amortisation for year - 11.5 0.7 16.9 29.1
Disposals - - - (1.7) (1.7)
Balance at 28 February 2023 0.6 37.5 7.5 30.8 76.4
Net book value
At 28 February 2021 0.1 101.7 2.0 14.5 118.3
At 28 February 2022 - 89.6 1.3 37.6 128.5
At 28 February 2023 0.4 78.1 0.6 52.4 131.5
Within the statement of comprehensive income, amortisation of acquired
intangible assets (trademarks and customer lists) of £12.2 million (2022:
£12.8 million) is shown separately. The amount of amortisation of the other
intangible assets included in distribution costs is £0.3 million (2022: £0.2
million) and in administrative expenses is 16.6 million (2022: £8.8 million).
12 Property, plant and equipment
Short leasehold alterations Fixtures and fittings Computer equipment Motor vehicles Land & buildings Total
£ million £ million £ million £ million £ million £ million
Cost
Balance at 28 February 2021 19.3 102.4 9.1 1.0 47.6 179.4
Additions 7.3 129.0 4.4 0.2 88.6 229.5
Exchange differences - - - - 0.1 0.1
Disposals (0.1) (0.9) (1.2) (0.2) - (2.4)
Balance at 28 February 2022 26.5 230.5 12.3 1.0 136.3 406.6
Additions 5.5 50.6 3.0 - - 59.1
Exchange differences - - - - 0.3 0.3
Disposals (0.2) (1.8) (0.5) - (0.5) (3.0)
Balance at 28 February 2023 31.8 279.3 14.8 1.0 136.1 463.0
Accumulated depreciation
Balance at 28 February 2021 4.7 24.5 4.8 0.6 3.2 37.8
Depreciation charge for the year 2.1 14.4 2.9 0.2 2.4 22.0
Disposals (0.1) (0.9) (1.2) (0.2) - (2.4)
Balance at 28 February 2022 6.7 38.0 6.5 0.6 5.6 57.4
Depreciation charge for the year 2.2 18.2 3.5 0.2 2.6 26.7
Impairment of assets 1.6 8.2 - - - 9.8
Disposals (0.2) (1.8) (0.5) - - (2.5)
Balance at 28 February 2023 10.3 62.6 9.5 0.8 8.2 91.4
Net book value
At 28 February 2021 14.6 77.9 4.3 0.4 44.4 141.6
At 28 February 2022 19.8 192.5 5.8 0.4 130.7 349.2
At 28 February 2023 21.5 216.7 5.3 0.2 127.9 371.6
The amounts of depreciation included in the statement of comprehensive income
in distribution costs is £16.0 million (2022: £13.1 million) and in
administrative expenses is £10.7 million (2022: £8.9 million). The amounts
of impairment included in the statement of comprehensive income in
distribution costs is £3.3 million (2022: £nil) and in administrative
expenses is £6.5 million (2022: £nil).
The assets impaired relate to leasehold alterations and fixtures and fittings
located in facilities which are either no longer in use or at loss-making
operations where the assets value in use has been determined to be lower than
the carrying value. Assets have been impaired to their estimated recoverable
amount, being fair value less costs of disposal. The residual value of the
impaired assets is £nil.
13 Right-of-use assets
Short Leasehold properties
£ million
Cost
Balance at 28 February 2021 34.9
Additions 43.0
Balance at 28 February 2022 77.9
Additions 103.1
Balance at 28 February 2023 181.0
Accumulated depreciation
Balance at 28 February 2021 18.2
Depreciation for year 10.0
Balance at 28 February 2022 28.2
Depreciation for year 12.8
Impairment of assets 3.6
Balance at 28 February 2023 44.6
Net book value
At 28 February 2021 16.7
At 28 February 2022 49.7
At 28 February 2023 136.4
The amounts of depreciation included in the statement of comprehensive income
in distribution costs is £4.6 million (2022: £6.9 million) and in
administrative expenses is £8.2 million (2022: £3.1 million). The amounts of
impairment included in the statement of comprehensive income in distribution
costs is £3.6 million (2022: £nil) and in administrative expenses is £nil
(2022: £nil).
The assets impaired relate to short leasehold properties at facilities which
are no longer in use. The residual value of the impaired assets is £nil.
Some leases contain break clauses or extension options to provide operational
flexibility. Potential future undiscounted lease payments not included in the
reasonably certain lease term, and hence not included in right-of-use assets
or lease liabilities, total £2.3 million (2022: £2.3 million).
14 Deferred tax
Assets
Unused Depreciation Share-based payments Total
tax losses in excess of
capital
allowances
£ million £ million £ million £ million
Asset at 28 February 2021 - 0.6 2.6 3.2
Recognised in statement of comprehensive income 7.5 (0.6) (0.1) 6.8
Debit in equity - - (2.5) (2.5)
Asset at 28 February 2022 7.5 - - 7.5
Recognised in statement of comprehensive income 15.0 - 1.0 16.0
Debit in equity - - - -
Asset at 28 February 2023 22.5 - 1.0 23.5
Liabilities
Business combinations Capital allowances in excess of depreciation Share-based payments Total
£ million £ million £ million £ million
Liability at 28 February 2021 (1.0) (3.2) - (4.2)
Recognised in statement of comprehensive income 0.2 (19.3) (1.5) (20.6)
Debit in equity - - (0.5) (0.5)
Liability at 28 February 2022 (0.8) (22.5) (2.0) (25.3)
Recognised in statement of comprehensive income 0.1 (1.0) 2.0 1.1
Debit in equity - - - -
Liability at 28 February 2023 (0.7) (23.5) - (24.2)
Recognition of the deferred tax assets is based upon the expected generation
of future taxable profits. The deferred tax liability will reverse in more
than one year's time as the intangible assets are amortised. Deferred tax is
calculated at 25% as enacted from April 2023 by the UK Government.
15 Inventories
2023 2022
£ million £ million
Finished goods 160.2 262.4
Finished goods - returns 17.9 17.0
178.1 279.4
The value of inventories included within cost of sales for the year was
£872.0 million (2022: £939.1 million). The finished goods returns is the
estimated value of stock at customers but expected to be returned. An
impairment provision of £21.6 million (2022: £18.4 million) was charged to
the statement of comprehensive income. There were no write-backs of prior
period provisions during the year. The inventory balance has reduced during
the year as a result of tighter stock management.
16 Trade and other receivables
2023 2022
£ million £ million
Trade receivables 17.6 34.6
Prepayments 13.9 21.3
Accrued income 5.5 2.1
37.0 58.0
Trade receivables represent amounts due from wholesale customers and advance
payments to suppliers.
The fair value of trade and other receivables is not materially different from
the carrying value.
Where specific trade receivables are not considered to be at risk and
requiring a provision, the trade receivables impairment provision is
calculated using the simplified approach to the expected credit loss model,
based on the following percentages:
2023 2022
Age of trade receivable % %
60 - 90 days past due 1 1
91 - 120 days past due 5 5
Over 121 days past due 90 90
The provision for impairment of receivables is charged to administrative
expenses in the statement of comprehensive income. The maturing profile of
unsecured trade receivables and the provisions for impairment are as follows:
2023 2022
£ million £ million
Due within 30 days 16.0 25.1
Provision for impairment - (0.1)
Due in 31 to 90 days 4.3 10.7
Provision for impairment (2.8) (2.4)
Past due 0.1 1.3
Provision for impairment - -
Total amounts due and past due 20.4 37.1
Total provision for impairment (2.8) (2.5)
17.6 34.6
17 Cash and cash equivalents
2023 2022
£ million £ million
At start of year 101.3 276.0
Net movement during year 227.9 (174.5)
Effect of exchange rates 1.7 (0.2)
At end of year 330.9 101.3
There is no material credit risk associated with the cash at bank due to the
healthy credit ratings of the banks of BBB+ and higher.
18 Trade and other payables
2023 2022
£ million £ million
Trade payables 82.0 97.5
Other creditors 17.0 6.6
Accruals 125.6 152.4
Deferred income 15.9 16.7
Taxes and social security payable 19.8 23.4
260.3 296.6
The fair value of trade payables is not materially different from the carrying
value.
19 Provisions
Dilapidations Returns Claims Total
£ million £ million £ million £ million
Provision at 28 February 2022 3.7 32.0 17.8 53.5
Movements in provision charged/(credited) to income statement:
Prior year provision utilised - (32.0) (5.7) (37.7)
Increase in provision in current year 6.3 37.6 - 43.9
Provision at 28 February 2023 10.0 37.6 12.1 59.7
The dilapidation provision represents the estimated exit cost of leased
premises and is expected to unwind in more than ten years. The dilapidations
provision has increased during the year due to the acquisition of a leasehold
warehousing premises in the USA. The returns provision represents the revenue
reduction of estimated customer returns which occur over the two to three
months after the date of sale; and the claims represents the estimate of
claims against the group that are expected to settle in the period within nine
to twelve months after the year-end.
20 Interest-bearing loans and borrowings
This note provides information about the contractual terms of the group's
interest-bearing loans and borrowings, which are measured at amortised cost.
Terms and debt repayment schedule
Nominal
interest Year of 2023 2022
Currency rate maturity £ million £ million
Revolving credit facility GB£ SONIA CIA 2026 325.0 100.0
During the year the previous RCF facility of £100.0 million was repaid and
replaced with a new facility of £325 million, which is fully drawn down. The
RCF is unsecured against the company's assets and includes financial covenants
relating to interest cover and adjusted leverage.
Movement in interest-bearing loans and borrowings
2023 2022
£ million £ million
Opening balance 100.0 -
Increase of borrowings 225.0 100.0
Interest accrued 9.6 0.8
Interest paid (9.6) (0.8)
Capital paid - -
Closing balance 325.0 100.0
Reconciliation of movements in cash flows from financing activities to
movements in liabilities:
Balance 28 February 2022 Cash flow from financing activities Additions Statement of comprehensive income Movement in retained earnings and other reserves Balance at 28 February 2023
£ million £ million £ million £ million £ million £ million
Equity 464.3 (7.2) - (88.1) 31.0 400.0
Leases 51.9 (12.0) 97.0 1.7 - 138.6
Bank borrowings 100.0 215.4 - 9.6 - 325.0
616.2 196.2 97.0 (76.8) 31.0 863.6
21 Lease liabilities
Minimum lease payments due Within 1 year 1-2 years 2-5 years 5-10 years More than 10 years Total
£ million £ million £ million £ million £ million £ million
28 February 2023
Lease payments 14.9 12.4 38.6 54.3 37.7 157.9
Finance charges (2.8) (2.5) (6.2) (6.0) (1.8) (19.3)
Net present value 12.1 9.9 32.4 48.3 35.9 138.6
2023 2022
£ million £ million
Current lease liability 12.1 7.9
Non-current lease liability 126.5 44.0
Total 138.6 51.9
Movement in lease liabilities:
2023 2022
£ million £ million
Opening balance 51.9 18.3
Interest accrued 1.7 0.8
Cash flow lease payments (12.0) (10.2)
Additions 97.0 43.0
Closing balance 138.6 51.9
The lease liabilities relate to leasehold properties.
22 Share capital
2023 2022
£ million £ million
1,268,333,439 authorised and fully paid ordinary shares of 1p each 12.7 12.7
(2022: 1,267,634,949)
During the year, a total of 4.2 million shares were issued under the share
incentive plans (2022: 4.4 million). On 24 February 2023, 99,824 (2022:
63,761) new ordinary shares were issued to non-executive directors as part of
their annual remuneration.
The directors do not recommend the payment of a dividend so that cash is
retained in the group for capital expenditure projects that are required for
the rapid growth and efficiency improvements of the business and for suitable
business acquisitions (2022: £nil).
23 Shares to be issued
2023 2022
£ million £ million
31.9 31.9
The shares to be issued represents the fair value of the contingent shares to
be issued to the non-controlling interests of PrettyLittleThing.com Limited,
in accordance with the acquisition agreement entered into and announced on 28
May 2020. Under this agreement, 16,112,331 Ordinary Shares in boohoo group plc
are to be issued subject to the group's share price averaging 491 pence per
share over a six-month period, up until a longstop date of 14 March 2024. If
this condition is not met, the consideration will lapse.
24 Reserves
2023 2022
£ million £ million
Translation reserve (0.8) 0.2
Capital redemption reserve 0.1 0.1
Reconstruction reserve (515.3) (515.3)
Acquisition of non-controlling interest in PrettyLittleThing.com Limited (281.3) (281.3)
Proceeds from issue of growth shares in boohoo holdings Limited 0.8 0.8
(796.5) (795.5)
The translation reserve arises from the movement in the revaluation of
subsidiary balance sheets in foreign currencies; the capital redemption
reserve arose from a capital reconstruction in 2014; the reconstruction
reserve arose on the impairment of the carrying value of the subsidiary
company in 2014 at that date; and the acquisition of the non-controlling
interest in PrettyLittleThing is the excess of consideration paid over the
carrying value of the non-controlling interest as at the date of acquisition
in May 2020, written off to reserves.
25 Financial instruments
(a) Fair values of financial instruments
Trade and other receivables
The fair value of trade and other receivables is estimated as the present
value of future cash flows, discounted at the market rate of interest at the
reporting date if the effect is material.
Trade and other payables
The fair value of trade and other payables is estimated as the present value
of future cash flows, discounted at the market rate of interest at the
reporting date if the effect is material.
Cash and cash equivalents
The fair value of cash and cash equivalents is estimated as its carrying
amount where the cash is repayable on demand. Where it is not repayable on
demand then the fair value is estimated at the present value of future cash
flows, discounted at the market rate of interest at the reporting date.
Interest-bearing borrowings
Fair value is calculated based on the present value of future principal and
interest cash flows, discounted at the market rate of interest at the
reporting date.
Cash flow hedges
Fair value is calculated using forward interest rate points to restate the
hedge to fair market value. In the year ended 28 February 2023 hedge
accounting has been discontinued on ineffective cash flow hedge contracts and
a total of £14.3m and has been reclassified to the statement of comprehensive
income. Hedge ineffectiveness in relation to designated hedges was negligible
during the year ended 28 February 2023 and year ended 28 February 2022.
Investments in equity instruments
During the year 26.47% of the issued share capital of Revolution Beauty Group
plc ("REVB") was obtained for consideration of £15.0m. On 1 September 2022
REVB was temporarily suspended from trading on the Alternative Investment
Market pending publication of the company's annual audited. As at 28 February
2023 REVB shares remain suspended from trading. The equity accounting
requirements of IAS 28 (Investments in associates and joint ventures) were
considered and it was determined that significant influence did not exist. The
investment has therefore been accounted for as a financial asset under IFRS 9.
Fair values
2023 2022
£ million £ million
Financial assets
At amortised cost:
Cash and cash equivalents 330.9 101.3
Trade receivables 17.6 34.6
Accrued income 5.5 2.1
At fair value through profit or loss:
Cash flow hedges 0.2 -
At fair value through other comprehensive income:
Cash flow hedges 1.2 17.0
Equity investments 15.3 -
370.7 155.0
2023 2022
£ million £ million
Financial liabilities
At amortised cost:
Trade payables 82.0 97.5
Other creditors 17.0 6.6
Accruals 125.6 152.4
Provisions 59.7 53.5
Interest-bearing loans and borrowings 325.0 100.0
Lease liabilities 138.6 51.9
At fair value through profit or loss:
Cash flow hedges 14.5 -
At fair value through other comprehensive income:
Cash flow hedges 3.4 6.8
765.8 468.7
26 Capital commitments
Capital expenditure contracted for at the end of the reporting year but not
yet incurred is as follows:
2023 2022
£ million £ million
Property, plant and equipment at warehousing facilities 17.0 21.8
27 Contingent liabilities
From time to time, the group can be subject to various legal proceedings and
claims that arise in the ordinary course of business, which may include cases
relating to the group's brand and trading name. All such cases brought against
the group are robustly defended and a liability is recorded only when it is
probable that the case will result in a future economic outflow and that the
outflow can be reliably measured.
Appendices
Growth rates on prior period revenue by region
Revenue by period for the year to 28 February 2023 (FY23)
£m 4m to 31 December 2m to 28 February 12m to 28 February
FY23 FY22 yoy % yoy % CER FY23 FY22 yoy % yoy % FY23 FY22 yoy % yoy %
CER CER
Total 637.7 714.5 -11% -13% 248.6 292.4 -15% -17% 1,768.7 1,982.8 -11% -13%
Revenue by region
UK 400.8 451.0 -11% -11% 146.1 182.4 -20% -20% 1,091.5 1,202.8 -9% -9%
ROE 73.5 79.9 -8% -11% 30.9 34.9 -11% -14% 206.5 219.2 -6% -8%
USA 128.9 145.8 -12% -17% 57.4 55.3 4% -3% 363.7 451.6 -19% -24%
ROW 34.5 37.8 -9% -15% 14.2 19.9 -28% -36% 107.0 109.2 -2% -8%
£m 3m to 31 May 3m to 31 August 6m to 31 August
FY23 FY22 yoy % yoy % CER FY23 FY22 yoy % yoy % FY23 FY22 yoy % yoy %
CER CER
Total 445.7 486.0 -8% -10% 436.7 489.8 -11% -13% 882.4 975.8 -10% -11%
Revenue by region
UK 272.1 274.5 -1% -1% 272.5 294.9 -8% -8% 544.6 569.4 -4% -4%
ROE 49.6 54.4 -9% -10% 52.5 50.0 5% 2% 102.1 104.4 -2% -4%
USA 95.0 131.9 -28% -31% 82.4 118.6 -31% -35% 177.4 250.5 -29% -33%
ROW 29.0 25.2 15% 10% 29.3 26.3 11% 5% 58.3 51.5 13% 8%
Revenue by period for the year to 28 February 2022 (FY22)
£m 4m to 31 December 2m to 28 February 12m to 28 February
FY22 FY21 yoy % yoy % CER FY22 FY21 yoy % yoy % FY22 FY21 yoy % yoy %
CER CER
Total 714.5 660.8 8% 9% 292.5 268.0 9% 10% 1,982.8 1,745.3 14% 15%
Revenue by region
UK 451.0 356.7 26% 26% 182.3 158.3 15% 15% 1,202.8 945.1 27% 27%
ROE 79.9 90.3 -11% -9% 34.9 30.5 14% 14% 219.2 244.7 -10% -8%
USA 145.8 168.2 -13% -13% 55.4 64.6 -14% -12% 451.6 435.1 4% 6%
ROW 37.8 45.6 -17% -16% 19.8 14.6 36% 36% 109.2 120.4 -10% -8%
£m 3m to 31 May 3m to 31 August 6m to 31 August
FY22 FY21 yoy % yoy % CER FY21 FY20 yoy % yoy % FY21 FY20 yoy % yoy %
CER CER
Total 486.0 367.8 32% 34% 489.8 448.7 9% 10% 975.8 816.5 20% 21%
Revenue by region
UK 274.5 183.0 50% 49% 294.9 247.2 19% 19% 569.4 430.2 32% 32%
ROE 54.4 63.4 -14% -10% 50.0 60.3 -17% -14% 104.4 123.7 -16% -12%
USA 131.9 92.0 43% 48% 118.6 110.2 8% 10% 250.5 202.2 24% 28%
ROW 25.2 29.4 -15% -11% 26.3 31.0 -15% -13% 51.5 60.4 -15% -12%
CER in this appendix for the year ended 28 February 2022 is calculated using
exchange rates prevailing during the year ending 28 February
2022. Nomenclature: ROE - rest of Europe; ROW -
rest of world; yoy - year-on-year; CER - constant exchange rate
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