REG - boohoo group plc - Trading Update

BoohooAnnouncement

10/03/2022 07:01

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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 £125 million, in line
with prior guidance issued in December and market expectations
(company-compiled consensus adjusted EBITDA for FY22 of £125 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 Beeck / Toto Berger / Sophie Wills  Tel: +44 (0)20 7466 5000

 

 

 

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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