TIDMBOO
RNS Number : 8754B
boohoo group plc
12 June 2019
For Immediate Release 12 June 2019
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. 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 - trading statement for the three months ended
31 May 2019
Continued strong growth across all brands in all regions
Three months to 31 May
GBP million FY20 FY19 Increase CER(1)
---------------- ------------------------------- ------------------------------- -------
Group total revenue 254.3 183.6 39 % 39%
---------------- ------------------------------- ------------------------------- -------
Revenue by region
UK 140.6 110.7 27% 27%
ROE(2) 38.2 22.3 72% 71%
USA 51.3 31.4 64% 66%
ROW(3) 24.2 19.2 26% 28%
---------------- ------------------------------- ------------------------------- -------
(1) CER designates Constant Exchange Rate translation of foreign
currency revenue. (2) ROE is rest of Europe. (3) ROW is rest of
world.
Highlights
Group
-- Revenue GBP254.3 million, up 39% (39% CER(1) )
-- Strong revenue growth across all geographies with UK up 27% and international up 56%
-- Gross margin 55.0% (1Q19: 55.2%)
-- Strong balance sheet with net cash of GBP194 million (1Q19: GBP151 million)
-- Acquired the brand and intellectual property assets of MissPap
boohoo
-- Revenue GBP123.5 million up 27% (28% CER), with growth accelerating from last year
-- Gross margin 54.1%, (1Q19: 52.0%)
PrettyLittleThing
-- Revenue GBP112.1 million up 42% (42% CER), with continued strong growth in all markets
-- Gross margin 55.9%, (1Q19: 58.7%)
Nasty Gal
-- Revenue GBP18.2 million up 153% (157% CER), with gathering momentum in all markets
-- Gross margin 56.1%, (1Q19: 58.9%)
Guidance
Trading in the first quarter has been strong. At this stage of
the year, we continue to expect Group revenue growth to be 25% to
30% with an adjusted EBITDA margin of around 10% for FY20. All
other guidance remains unchanged.
John Lyttle, CEO, commented:
"The Group has made a strong start to the year as we continue to
disrupt and capture market share in the UK and internationally
across all our brands. I'm delighted that the Group topped the UK
Hitwise rankings in May for the first time, demonstrating how our
multi-brand strategy is really capturing our customers' attention.
We have ambitious plans for the Group, and continue to invest to
ensure that our scalable multi-brand platform is well-positioned to
disrupt, gain market share and capitalise on the global opportunity
in front of us."
Investor and analyst conference call
boohoo group plc will today host a conference call for analysts
and investors at 9.30am (UK time). The dial in details for the call
are as follows:
UK Toll Number: +44 3333000804
UK Toll-Free
Number: 08003589473
Participant pin
code: 91533229#
For international access numbers, please click here.
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
Zeus Capital - Nominated adviser
and joint broker
Nick Cowles/Andrew Jones (Corporate Tel: +44 (0)161 831 1512
Finance)
John Goold/Benjamin Robertson (Corporate Tel: +44 (0)20 3829 5000
Broking)
Jefferies Hoare Govett - Joint broker
Max Jones/Philip Noblet Tel: +44 (0)20 7029 8000
Buchanan - Financial PR adviser boohoo@buchanan.uk.com
Richard Oldworth/Sophie Wills/Maddie Tel: +44 (0)20 7466 5000
Seacombe
About boohoo group plc
"Leading the fashion eCommerce market"
Founded in Manchester in 2006, boohoo is an inclusive and
innovative brand targeting young, value-orientated customers. For
13 years, boohoo has been pushing boundaries to bring its customers
up-to-date and inspirational fashion, 24/7. boohoo has grown
rapidly in the UK and internationally, expanding its offering with
range extensions into menswear, through boohooMAN.
In early 2017 the group extended its customer offering through
the acquisitions of the vibrant fashion brand PrettyLittleThing,
and free-thinking brand Nasty Gal and in March 2019 acquired the
Miss Pap brand. United by a shared customer value proposition, our
brands design, source, market and sell great quality clothes, shoes
and accessories at unbeatable prices. This investment proposition
has helped us grow from a single brand, into a major multi-brand
online retailer, leading the fashion eCommerce market for 16 to
30-year-olds around the world. As at 28(th) February 2019, the
boohoo group had around 13 million active customer accounts 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.
Appendix - prior period revenues by region
Revenue by period for the year to 29 February 2020 (FY20)
GBP'000 3m to 31 May
---------------------------------
FY20 FY19 yoy yoy
% % CER
-------- -------- ---- -------
Total 254,321 183,561 39% 39%
-------- -------- ---- -------
Revenue by region
--------------------------------------------
UK 140,569 110,738 27% 27%
-------- -------- ---- -------
ROE 38,252 22,257 72% 71%
-------- -------- ---- -------
USA 51,336 31,389 64% 66%
-------- -------- ---- -------
ROW 24,164 19,177 26% 28%
-------- -------- ---- -------
Revenue by period for the year to 28 February 2019 (FY19)
GBP'000 4m to 31 December 2m to 28 February 12m to 28 February
--------------------------------- -------------------------------
FY19 FY18 yoy yoy FY19 FY18 yoy yoy FY19 FY18 yoy yoy
% % CER % % % %
CER CER
-------- -------- ---- ------- -------- ------- ----- ----- -------- -------- ---- -----
Total 328,231 228,215 44% 43% 133,375 88,710 50% 50% 856,920 579,800 48% 47%
-------- -------- ---- ------- -------- ------- ----- ----- -------- -------- ---- -----
Revenue by region
-------------------------------------------- -------- ------- ----- ----- -------- -----
UK 179,952 135,642 33% 33% 74,185 56,592 31% 31% 488,199 355,614 37% 37%
-------- -------- ---- ------- -------- ------- ----- ----- -------- -----
ROE 44,431 28,232 57% 54% 19,443 10,258 90% 86% 115,124 66,281 74% 67%
-------- -------- ---- ------- -------- ------- ----- ----- -------- -------- ---- -----
USA 70,427 39,618 78% 80% 27,664 13,475 105% 101% 166,262 92,690 79% 81%
-------- -------- ---- ------- -------- ------- ----- ----- -------- -------- ---- -----
ROW 33,421 24,723 35% 32% 12,083 8,385 44% 44% 87,335 65,215 34% 30%
-------- -------- ---- ------- -------- ------- ----- ----- -------- -------- ---- -----
GBP'000 3m to 31 May 3m to 31 August 6m to 31 August
--------------------------------- -------------------------------
FY19 FY18 yoy yoy FY19 FY18 yoy yoy FY19 FY18 yoy yoy
% % CER % % % %
CER CER
-------- -------- ---- ------- -------- -------- ---- ----- -------- -------- ---- -----
Total 183,561 120,077 53% 52% 211,748 142,798 48% 47% 395,309 262,875 50% 49%
-------- -------- ---- ------- -------- -------- ---- ----- -------- -------- ---- -----
Revenue by region
-------------------------------------------- -------- -------- ---- ----- -------- -----
UK 110,738 74,532 49% 49% 123,319 88,849 39% 39% 234,057 163,381 43% 43%
-------- -------- ---- ------- -------- -------- ---- ----- -------- -----
ROE 22,257 12,220 82% 71% 28,993 15,571 86% 73% 51,250 27,791 84% 72%
-------- -------- ---- ------- -------- -------- ---- ----- -------- -------- ---- -----
USA 31,389 17,906 75% 78% 36,782 21,690 70% 71% 68,171 39,596 72% 74%
-------- -------- ---- ------- -------- -------- ---- ----- -------- -------- ---- -----
ROW 19,177 15,419 24% 22% 22,654 16,688 36% 31% 41,831 32,107 30% 27%
-------- -------- ---- ------- -------- -------- ---- ----- -------- -------- ---- -----
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