Final results for the year ended 29 February 2024

boohoo group plc

08 May 2024

boohoo group plc

Fashion first, future focused, online apparel leader

Results for the 12 months ended 29 February 2024

FY24 results in line with market expectations, against challenging market backdrop

Investment cycle complete - well positioned to drive future profitable growth

	2024 £ million	2023 £ million	Change
Gross Merchandise Value (GMV)¹	1,808.9	2,086.2	(13%)
Revenue	1,461.0	1,768.7	(17%)
Gross profit	756.1	895.2	(16%)
Gross margin	51.8%	50.6%	120bps
Operating costs⁽⁸⁾	698.8	832.0	(16%)
Adjusted measures⁽³⁾:
Adjusted EBITDA⁽⁴⁾	58.6	63.3	(7%)
% of revenue	4.0%	3.6%	40bps
Adjusted EBIT⁽⁵⁾	(18.0)	6.9	(24.9)
% of revenue	(1.2%)	0.4%	(160bps)
Adjusted loss before tax⁽⁶⁾	(31.0)	(1.6)	(29.4)
Adjusted diluted loss per share⁽⁷⁾	(2.86p)	(0.02p)	(2.84p)
Statutory measures:
Loss before tax	(159.9)	(90.7)	(69.2)
Diluted loss per share	(11.48p)	(6.13p)	(5.35p)
Net cash⁽²⁾ at year-end	(95.0)	5.9	(100.9)

Notes:

(1) GMV is all merchandise sold to customers after cancellations and returns, including VAT, carriage receipts and premier subscription income

(2) Net (debt)/cash is cash less borrowings, excluding lease liabilities.

(3) Adjusted measures, which are not statutory measures, show the underlying performance of the group excluding large, non-cash and exceptional items (see note 1).

(4) Adjusted EBITDA is calculated as loss before tax, interest, depreciation, amortisation, share-based payment charges and exceptional items.

(5) Adjusted EBIT is calculated as loss before tax, interest, amortisation of acquired intangible assets, share-based payment charges and exceptional items.

(6) Adjusted loss before tax is calculated as loss before tax, excluding amortisation of acquired intangible assets, share-based payment charges and exceptional items.

(7) Adjusted loss per share is calculated as diluted earnings per share, adding back amortisation of acquired intangible assets, share-based payment charges and exceptional items.

(8) Operating costs is defined as Distribution & Administrative Costs excluding depreciation, amortisation, exceptional items & share based payments

Financial highlights

· GMV down 13% vs FY23 to £1,809 million as group performance continued to be impacted by a difficult macro-economic environment. Positive trend in the performance of Core Brands (boohoo, boohooMAN, PrettyLittleThing, Karen Millen, Debenhams External Marketplace), with decline slowing from (9%) in H124 to (4%) in H224, showing a clear improvement in trajectory

· Revenue of £1,461 million, down 17% vs FY23 reflecting our increased focus on profitability and difficult market conditions. Revenue growth was also impacted by the growth of marketplace with its commission-only revenue model

· Gross margin was 51.8%, up 120bps vs FY23, reflecting growth of marketplace, the impact of our cost savings programme and freight and raw material price decreases

· Operating costs of £699 million, down 16% vs FY23 driven by the actions taken under the ongoing cost savings programme

· Adjusted EBITDA margin improved to 4.0%, up 40bps vs FY23, reflecting improvements in gross margin, cost reduction initiatives and value unlocked from automation investment. Adjusted EBITDA of £58.7 million, down 7% vs FY23

· Inventory has increased by £29.9 million vs FY23, largely driven by the investment in stock levels to support the opening of the US Distribution centre

· £64.8 million capital expenditure invested in infrastructure for future growth, including the Sheffield automation project and the US distribution centre both of which were delivered on time and on budget

· Net Debt of £(95.0) million an increase of £(100.9)m, driven by our investments in US inventory and capital expenditure

· Robust balance sheet with £123.7 million of land and buildings, £200.3 million of fixtures and fittings, £208.0 million of inventory and £29.9 million investment in Revolution Beauty

Operational highlights

· Clear brand strategy with an increased focus on our 5 core brands (boohoo, boohooMAN, PLT, Karen Millen and Debenhams) which generate demand across a diverse, global customer base

· Strong growth of Debenhams marketplace; capital-light, stockless model driving high margin growth and expanding our customer proposition with more than 3,500 brands onboarded, offering exceptional choice across fashion, beauty, and home

· Strategy to improve profitability across our non-core labels by transitioning them to the Debenhams marketplace showing results with improved performance in H224

· Successful completion of two major capex projects:

o Sheffield automation, delivering enhanced efficiency and capacity

o US distribution centre, upgrading our proposition with next day and express delivery options in a large, strategic market

· Leadership team strengthened with appointment of Stephen Morana as CFO in February 2024

Outlook & Guidance

· In FY24, we took significant steps to reposition the group for sustainable, profitable growth

· We are targeting GMV growth, as well as continued improvements in adjusted EBITDA margin

· We remain confident in 6-8% medium term EBITDA margin target

· In FY25, we will continue to leverage the increasing efficiencies generated by our investment in automation and capacity with an ongoing focus on cost reduction. We remain on track to deliver annualised cost savings of £125 million across cost of goods, supply chain and overheads in FY25

· Significant capital expenditure reduction expected in FY25 with investment cycle now complete

· The Group expects to generate positive free cash flow in FY25

John Lyttle, Group CEO, commented:

"We have a highly loyal customer base and throughout the year we remained focused on maintaining our position as an industry leading, fashion-forward group with brands that deliver on-trend, high quality fashion at great value prices. The strength and diversity across our core brands means the Group is well placed to serve a global customer base across fashion, beauty and home.

Despite difficult market conditions, caused by high levels of inflation and weakened consumer demand, we made continued progress in the year. I am particularly encouraged with the ongoing trend of improved performance in our core brands which saw GMV down 9% in H124 and down just 4% in H224 demonstrating increasing momentum and validating our strategy to focus on these brands which are much loved by our customer base.

We continue to take actions to deliver on our goal of bringing the entire group back to profitable growth. In FY24, we completed our investment cycle with the launch of our US distribution centre and the successful delivery of our Sheffield Automation project. Sheffield is already delivering significant efficiency improvements, which, together with the traction of Debenhams marketplace, is generating margin improvement across the group. We have also taken steps to transition several of our labels over onto Debenhams marketplace to drive enhanced profitability. This proved effective during the year and is something that will drive additional profitability going forward. These factors, combined with improving market conditions, give us strong confidence in our medium-term outlook.

The group is now well positioned to return to growth, and we are focused on ensuring that growth is both sustainable and profitable. We will host a capital markets day in due course to provide more detail on our strategy, key growth drivers and the longer-term outlook for the Group".

Investor and analyst meeting

A webcast for analysts & investors will be held at 9am (UK time) today. Following the presentation, there will be a live Q&A session. The webcast is available via the following link: https://brrmedia.news/BOO_PR24

A recording will be made available on the boohoo investor relations website after the webcast here: www.boohooplc.com/investors.htm

Enquiries
boohoo group plc
Stephen Morana, Chief Financial Officer		Tel: +44 (0)161 233 2050
Pete Templeton, Group Finance Director		Tel: +44 (0)161 233 2050
Michael Cooper, Investor Relations		Tel: +44 (0)161 233 2050
Rebecca Jamieson, Investor Relations

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

HSBC - Joint broker
Chloe Ponsonby / James Hopton		Tel: +44 (0)20 7991 8888

Headland - Financial PR adviser
Susanna Voyle / Will Smith		Tel: +44 (0)20 3725 7514

About boohoo group plc

"Leading the fashion eCommerce market"

Founded in Manchester in 2006, boohoo group is a fashion forward, inclusive and innovative business. The Group's brands are complementary, vibrant and scalable, delivering inspirational, on-trend fashion to our customers 24/7. The diversity of our brands, including the group's 5 core brands, boohoo, boohooMAN, PrettyLittleThing, Karen Millen and Debenhams, enable us to serve a broad customer base, globally, with a primary focus on the UK and US markets. Since its acquisition in 2021, Debenhams has been transformed from a retailer into a digital marketplace with a capital-light, low-risk operating model and a focus on fashion, beauty as well as home. Boohoo group is concentrated on driving sustainable, profitable growth with technology and automation increasing efficiency across the business.

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.

Review of the business

Performance during the year

Overview

	2024	2023
	£ million	£ million	Change
Gross Merchandise Value (GMV)⁽¹⁾	1,808.9	2,086.2	(13%)
Revenue	1,461.0	1,768.7	(17%)
Gross profit	756.1	895.2	(16%)
Gross margin	51.8%	50.6%	120bps
Loss before tax	(159.9)	(90.7)	(69.2)
Loss per share	(11.48p)	(6.13p)	(5.35p)
Net (debt)/cash⁽²⁾ at year end	(95.0)	5.9	(100.9)
Adjusted measures⁽³⁾:
Adjusted EBITDA⁽⁴⁾	58.6	63.3	(7%)
% of revenue	4.0%	3.6%	40bps
Adjusted EBIT⁽⁵⁾	(18.0)	6.9	(24.9)
% of revenue	(1.2%)	0.4%	(160bps)
Adjusted loss before tax⁽⁶⁾	(31.0)	(1.6)	(29.4)
Adjusted loss per share⁽⁷⁾	(2.86p)	(0.02p)	(2.84p)

Notes:

(1) GMV is a non-statutory measure, defined as: All merchandise sold to customers after cancellations and returns, including VAT, carriage receipts and premier subscription income.

(2) Adjusted measures, which are not statutory measures, show the underlying performance of the group, excluding large, non-cash and exceptional items (see note 1).

(3) Adjusted EBITDA is calculated as loss before tax, interest, depreciation, amortisation, share-based payment charges and exceptional items.

(4) Adjusted EBIT is calculated as loss before tax, interest, amortisation of acquired intangible assets, share-based payment charges and exceptional items.

(5) Adjusted loss before tax is calculated as loss before tax, excluding amortisation of acquired intangible assets, share-based payment charges and exceptional items.

(6) Adjusted loss per share is calculated as loss per share, adding back amortisation of acquired intangible assets, share-based payment charges and exceptional items.

(7) Net cash is cash less borrowings, excluding lease liabilities.

Group overview

GMV was down 13% vs FY23 to £1,808.9 million from £2,086.2 million as group performance continued to be impacted by a difficult macro-economic environment. We saw a positive trend in the performance of Core Brands (boohoo, boohooMAN, PrettyLittleThing, Karen Millen, Debenhams External Marketplace), with decline slowing from (9%) in H124 to (4%) in H224. Strong GMV growth was also achieved within the Debenhams marketplace, a capital-light, stockless model, targeting the UK customer, which has driven high margin growth and expanded our customer proposition during the year, with over 3,500 brands onboarded.

Group revenues for the period declined by 17% (17% Constant Exchange Rate = "CER") to £1,461.0 million from £1,768.7 million in 2023. UK revenues declined 16% reflecting the impact of the macro environment on consumer demand, as well as price investments and the previously mentioned increase of the Debenhams marketplace within the sales mix. International revenues declined 20%, with extended delivery times continuing to impact our customer proposition for most of the period and annualisation against strong wholesale comparatives. The group's US distribution centre went live in August with its first brand, PrettyLittleThing, on time and on budget, as part of a phased roll-out of brands into the site. This has transformed the delivery proposition for customers in a key strategic market, and for brands that are operationally live, delivery times have improved by 3 days on average since launch.

The group's core brands, defined as boohoo, boohooMAN, PrettyLittleThing, Karen Millen and Debenhams External Marketplace accounted for 6 percentage points of the group's total revenue decline. The growth of Marketplace resulted in an additional negative 4 percentage points impact on revenue. Marketplace has a commission only revenue model, where for own brand sales the full value of the products sold is recognised as revenue. Labels accounted for 8 percentage points of the group's total revenue decline, following proactive actions taken to target more profitable sales by transitioning them over to the Debenhams marketplace.

Gross margin was 51.8%, up 120bps on the prior period (2023: 50.6%). Adjusted EBITDA was £58.6 million (2023: £63.3 million), a decrease of 7%. Adjusted EBITDA margin was 4.0%, up 40bps on the prior period (2023: 3.6%). Loss before tax was £159.9 million (2023: £90.7 million). Loss per share was 11.48p (2023: 6.13ps). Adjusted loss per share was 2.86p (2023: 0.02p).

The improvement in Adjusted EBITDA margin reflected strong improvements seen across gross margins and distribution costs, which improved by 120bps and 60bps respectively year on year. The improvement in gross margin reflected tighter inventory management and normalisation of freight and other logistics costs. Distribution cost savings were driven by significant efficiencies that have been unlocked from the successful automation of our Sheffield distribution centre and from the rationalisation of the UK warehousing profile following the closure of the group's Daventry site in January.

Other administrative costs reduced by 20% year on year and 50bps as a percentage of net sales, reflective of the action taken as part of the group's cost reduction programme. Marketing costs reduced by 3% as spend was optimised across marketing channels but increased by 190bps as a percentage of sales. This reflects the impact of the macro environment on consumer demand, targeted investments in specific growth opportunities as well as underlying inflationary pressures across digital marketing channels. This will be assessed going forwards through optimisation of marketing channels to drive performance as well as brand activation campaigns to drive higher levels of organic and direct traffic.

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 restructuring costs and impairment of assets associated with the closure of the Daventry warehousing facility, set up costs associated with the opening of a warehousing facility in the USA, impairment of the group's acquired intangible assets, dual technology platform running costs associated with the re-platforming of the group's e-commerce front end to its own in-house developed tech stacks, and redundancy costs associated with the group's cost reduction programme. Additional exceptional costs associated with the restructuring of the UK warehousing facilities and dual technology platform running costs are expected to be incurred in the next financial year. These exceptional items amounted to £103.0 million and are detailed in note 1 of the financial statements.

During the year the group recognised a £10.2m gain within other reserves on transition of its investment in Revolution Beauty plc, which was previously accounted for as a financial asset at fair value through other comprehensive income, as irrevocably designated at the time of investment, in accordance with IFRS 9, and is now classified as an investment in associate in accordance with IAS 28.

In accordance with the acquisition agreement entered into with the non-controlling interests of PrettyLittleThing.com Limited (announced on 28 May 2020), 16,112,331 Ordinary Shares in boohoo group plc were 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 was not met, the consideration was to lapse.

As at 29 February 2024 the issuing condition had not been met and could not have been met before the longstop date of 14 March 2024. As a result, the shares to be issued have been derecognised and recycled through other reserves alongside the reserves created upon acquisition of the non-controlling interest in PrettyLittleThing.com Limited.

While trading conditions have remained challenging due to cost inflation, uncertain consumer demand and normalisation of the channel shift online, the group has a strong business model and clear strategy which it is focussed on executing to unlock market share. This will allow it to build on its existing strengths of:

· Test and repeat sourcing model that allows our brands to utilise our diverse sourcing base with agility and flexibility whilst minimising excess inventory risk

· Attractive brand portfolio that combines the latest trends with outstanding value for consumers

· 16 million unique active customers

· A broad target addressable market of up to 500 million potential customers in key global markets

· Well-invested infrastructure that offers best-in-class, efficient logistics and a strong customer proposition with our first international distribution centre now live, and significant capacity for future growth

· Strong balance sheet with significant liquidity headroom

· Numerous growth opportunities through our brand's direct-to-consumer proposition, Debenhams and other routes to market, including strategic partnerships with select partners globally

Key performance indicators

Active customer numbers in the last 12 months decreased by 11% to 16 million whilst the conversion rate to sale increased slightly by 80bps to 3.82% from 3.74%. Average order value decreased by 3% to £51.68 and the number of items per basket decreased slightly from 2.82 to 2.80. Average order frequency decreased by 9% from 3.08 times to 2.79 times per annum, reflecting the impact of the macro environment on consumer demand.

Cash and working capital management

Operating cash inflow was £0.1 million (2023: £130.9 million inflow). The value of inventory held has increased year on year by £29.9 million, in part due to the opening of the warehousing facility in the USA.

Capital expenditure of £64.8 million included investment in property and distribution centres of £26.9 million, mainly around the opening of the warehousing facility in the USA. Net cash outflow was £100.9 million (2023: £229.6 million inflow). Net debt at the year-end increased to £95.0 million (2023: £5.9 million net cash), with total liquidity of £230.0 million.

During the prior year the group secured a new £325 million rolling capital facility, increasing from the previous £100 million facility. The facility remains fully drawn at the end of February 2024.

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

The UK market continues to be the largest for the group, accounting for 63% of revenue (2023: 62%). Revenue was £921.5 million declining by 16% on 2023 reflecting the impact of the macro environment on consumer demand, as well as price investments and the increase of the Debenhams Marketplace within the sales mix. Gross margin improved from 47.9% to 50.0% and return rates have reduced slightly, which is attributable to product mix, the capturing of deflation in our supply chain and pass-through of lower prices to our consumers.

USA

USA revenues declined 18% on the prior year. Delivery times to the USA for most of the period remained elevated compared to pre-pandemic levels, and this has undoubtedly impacted demand. Successful go-live of the group's US distribution centre on time and on budget in August has transformed the delivery proposition for US customers, and there will be a phased roll-out of brands operating in the facility over time. Return rates have decreased year on year reflecting brand mix. Gross margin reduced from 58.0% to 55.9% reflecting brand mix as well as the impact of duties associated with the new distribution centre.

Rest of Europe

Revenue in the rest of Europe decreased by 20% year on year to £165.8 million (2023: £206.5 million), with performance impacted by annualisation against strong wholesale comparatives. Gross margin improved slightly from 52.0% to 52.7% and return rates decreased year on year.

Rest of world

Revenue in the rest of the world decreased by 30% on the prior year to £74.6 million (2023: £107.0 million). Gross margin improved from 50.7% to 54.8% with return rates decreased year on year.

Financial review

Revenue by geographical market

	2024	2023
	£ million	£ million	Change	Change CER
UK	921.5	1,091.5	(16%)	(16%)
Rest of Europe	165.8	206.5	(20%)	(19%)
USA	299.1	363.7	(18%)	(18%)
Rest of world	74.6	107.0	(30%)	(30%)
	1,461.0	1,768.7	(17%)	(17%)

KPIs

	2024	2023	Change
Active customers⁽¹⁾	16.0 million	18.0 million	(11%)
Number of orders	48.5 million	55.5 million	(13%)
Order frequency⁽²⁾	2.79	3.08	(9%)
Conversion rate to sale ⁽³⁾	3.82%	3.74%	2%
Average order value⁽⁴⁾	£51.68	£53.32	(3%)
Number of items per basket	2.80	2.82	(1%)

(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.

Consolidated income statement

	2024	2023	Change
	£ million	£ million
Gross Merchandise Value (GMV)	1,808.9	2,086.2	(13%)

Revenue	1,461.0	1,768.7	(17%)
Cost of sales	(704.9)	(873.5)	(19%)
Gross profit	756.1	895.2	(16%)
Gross margin	51.8%	50.6%	120 bps

Operating costs	(698.8)	(832.1)
Other income	1.3	0.2
Adjusted EBITDA	58.6	63.3	(7%)
Adjusted EBITDA margin %	4.0%	3.6%	40 bps

Depreciation	(48.0)	(39.5)
Amortisation of other intangible assets	(28.6)	(16.9)
Adjusted EBIT	(18.0)	6.9	(361%)
Adjusted EBIT margin %	(1.2%)	0.4%	(160bps)

Adjusting items:
Amortisation of acquired intangible assets	(8.4)	(12.2)
Equity-settled share-based payment charges	(17.5)	(32.0)
Exceptional items and impairment	(103.0)	(44.9)
Operating loss	(146.9)	(82.2)	(79%)

Finance income	9.5	3.5
Finance expense	(22.5)	(12.0)
Loss before tax	(159.9)	(90.7)	(76%)

Tax	19.0	15.1
Loss after tax	(140.9)	(75.6)	(86%)

Share of results of associate	3.1	-
Loss for the year	(137.8)	(75.6)	(82%)

Loss per share	(11.48)p	(6.13)p	(78%)

Adjusted loss after tax for the year	(34.3)	(0.2)	(17,050%)
Amortisation of acquired intangible assets	(8.4)	(12.2)
Share-based payment charges	(17.5)	(32.0)
Exceptional items and impairment	(103.0)	(44.9)
Share of results of associate	3.1	-
Adjustment for tax	22.3	13.7
Loss after tax for the year	(137.8)	(75.6)	(82%)

Adjusted loss per share	(2.86)p	(0.02)p	(17,529%)

GMV was down 13% vs FY23 to £1,808.9 million from £2,086.2 million and group revenue for the year declined by 17% (17% CER) when compared to the previous year at £1,461.0 million (2023: £1,768.7 million), reflecting the impact of the macro environment on consumer demand.

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 7% from £63.3 million to £58.6 million and Adjusted EBITDA margin increased from 3.6% to 4.0%, reflecting strong improvements seen across gross margins and distribution costs, which improved by 120bps and 60bps respectively year on year.

Operating costs, comprising distribution costs and administrative expenses, excluding depreciation and amortisation, have increased by 80bps to 47.8% of revenue. Other administrative costs reduced by 20% year on year and 50bps as a percentage of net sales, reflective of the action taken as part of the group's cost reduction programme. Marketing costs reduced by 3% as spend was optimised across marketing channels but increased by 190bps as a percentage of sales. This reflects the impact of the macro environment on consumer demand, targeted investments in specific growth opportunities as well as underlying inflationary pressures across digital marketing channels.

Adjusted profit / (loss) 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 £17.5 million during the year (2023: £32.0 million) relating to equity-settled share-based payment transactions.

Exceptional items amounted to £103.0 million and are shown in more detail in note 1 of the financial statements. These items relate to restructuring costs and impairment of assets associated with the closure of the Daventry warehousing facility, set up costs associated with the opening of a warehousing facility in the USA, impairment of the group's acquired intangible assets, dual technology platform running costs associated with the re-platforming of the group's e-commerce front end to its own in-house developed tech stacks, and redundancy costs associated with the group's cost reduction programme. Additional exceptional costs associated with the restructuring of the UK warehousing facilities and dual technology platform running costs are expected to be incurred in the next financial year.

A tax credit of £19.0m has been recognised, which represents an effective rate of tax for the year of 11.9% (2023: 16.6%). 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 24.5% (2023: 19.0%), due to 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

	2024	2023
	£ million	£ million
Intangible assets	104.3	131.5
Property, plant and equipment	349.3	371.6
Right-of-use assets	85.6	136.4
Financial assets	0.3	15.6
Investment in associate	29.6	-
Deferred tax asset	32.1	23.5
Non-current assets	601.2	678.6

Working capital	(92.8)	(104.9)
Lease liabilities	(121.9)	(138.6)
Net financial assets/(liabilities)	2.3	(16.8)
Cash and cash equivalents	230.0	330.9
Interest-bearing loans and borrowings	(325.0)	(325.0)
Deferred tax liability	(16.8)	(24.2)
Net current tax asset	2.7	-
Net assets	279.7	400.0

There has been a substantial investment in property and distribution centres to facilitate our next phase of growth. Balance sheet strength is maintained with £134.6 million of unencumbered freehold assets. The value of inventory held has increased year on year by £29.9 million as a result of the opening of the warehousing facility in the USA, necessitating the maintenance of adequate inventory levels across multiple territories.

During the period, 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 include impairment of assets associated with the closure of the Daventry warehousing facility and impairment of the group's acquired intangible assets.

During the year ended 28 February 2023 26.47% of the issued share capital of Revolution Beauty Group plc ("REVB") was acquired. 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 either at the time of initial recognition or as at 28 February 2023. The equity investment was accounted for as a financial asset under IFRS 9 with the option taken to hold at fair value through other comprehensive income, as irrevocably designated at the date of recognition.

On 18 July 2023 the group entered into a settlement agreement with REVB regarding the reconstitution of the REVB board. The group also increased its shareholding in REVB to 27.13%. The equity accounting requirements of IAS 28 were reconsidered, and it was determined that significant influence did exist as a result of the settlement agreement, access to accounting records and reconstitution of the REVB board (including the appointment of Neil Catto, former group CFO and NED, and Alistair McGeorge, who remains a NED on the group's board). As a result the investment has been accounted for as an associate under IAS 28 from 18 July 2023. The investment, which was previously accounted for under IFRS 9, was derecognised and the cumulative gain recognised in other comprehensive income of £10.2m was reclassified to other reserves as a revaluation adjustment in line with IFRS 9 and the group's accounting policy.

Under the equity accounting requirements of IAS 28 the group's share of the results of associate for the period from 18 July 2023 to 29 February 2024 is included in the carrying value of the associate in the group statement of financial position and included within the group income statement using the equity method of accounting.

Intangible and fixed-asset additions

	2024	2023
	£ million	£ million
Purchased intangible and fixed assets
Intangible assets
Software and licences	32.2	32.1
	32.2	32.1
Tangible fixed assets
Distribution centres	26.9	46.8
Offices, office equipment, fixtures and fit-outs	5.7	12.3
	32.6	59.1

Total intangible and fixed-asset additions	64.8	91.2

Liquidity and financial resources

Operating cash inflow was £0.1 million compared to an inflow of £130.9 million in the previous year and free cash outflow after tax was £63.0 million compared to an inflow of £30.7 million in the previous financial year. Capital expenditure and intangible asset purchases were £64.8 million, which includes a £26.9 million investment in our distribution centres to support future growth. The value of inventory held has increased year on year by £29.9 million as a result of the opening of the warehousing facility in the USA, necessitating the maintenance of adequate inventory levels across multiple territories. The closing cash balance for the group was £230.0 million and the net debt balance £95.0 million.

Consolidated cash flow statement
	2024	2023
	£ million	£ million
Loss for the year	(137.8)	(75.6)

Share-based payments charge	17.5	32.0
Depreciation charges and amortisation	85.0	68.6
Impairment charges	75.7	13.4
Gain on sale of property, plant and equipment	(0.1)	-
Reclassification to profit or loss of discontinued hedge contracts	(13.9)	14.3
Share of results of associates	(3.1)	-
Finance income	(9.5)	(3.5)
Finance expense	22.5	12.0
Tax credit	(19.0)	(15.1)
(Increase)/decrease in inventories	(29.9)	101.3
Decrease in trade and other receivables	5.2	19.4
Increase/(decrease) in trade and other payables	7.5	(35.9)
Operating cash inflow	0.1	130.9

Capital expenditure and intangible asset purchases	(64.8)	(91.2)
Investments in equity instruments	(1.3)	(15.3)
Proceeds from the sale of property, plant and equipment	1.2	0.5
Tax repaid	1.8	5.8
Free cash (out)/inflow after tax	(63.0)	30.7

Net proceeds from the issue of ordinary shares	0.1	0.2
Purchase of own shares by EBT	(15.3)	(7.4)
Finance income received	10.1	2.7
Finance expense paid	(15.9)	(9.6)
Lease payments	(16.9)	(12.0)
Increase in borrowings	-	225.0
Net cash (out)/inflow	(100.9)	229.6

Cash and cash equivalents at beginning of year	330.9	101.3
Cash and cash equivalents at end of year	230.0	330.9

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the year ended 29 February 2024

	Note		2024 pre-exceptional items		2024 exceptional items⁽¹⁾		2024 total⁽²⁾		2023 pre-exceptional items		2023 exceptional items⁽¹⁾		2023 total⁽²⁾
			£ million		£ million		£ million		£ million		£ million		£ million
Revenue	2		1,461.0		-		1,461.0		1,768.7		-		1,768.7
Cost of sales			(704.9)		-		(704.9)		(873.5)		-		(873.5)
Gross profit			756.1		-		756.1		895.2		-		895.2

Distribution costs			(360.0)		(71.5)		(431.5)		(427.9)		(20.0)		(447.9)
Administrative expenses			(441.3)		(31.5)		(472.8)		(504.8)		(24.9)		(529.7)
Amortisation of acquired intangibles		(8.4)		(22.4)		(30.8)		(12.2)		-		-
Other administrative expenses		(432.9)		(9.1)		(442.0)		(492.6)		(24.9)		(517.5)

Other income	3		1.3		-		1.3		0.2		-		0.2
Operating loss			(43.9)		(103.0)		(146.9)		(37.3)		(44.9)		(82.2)

Finance income	4		9.5		-		9.5		3.5		-		3.5
Finance expense	4		(22.5)		-		(22.5)		(12.0)		-		(12.0)
Loss before tax	6		(56.9)		(103.0)		(159.9)		(45.8)		(44.9)		(90.7)

Taxation	10		2.1		16.9		19.0		6.6		8.5		15.1
Loss after tax			(54.8)		(86.1)		(140.9)		(39.2)		(36.4)		(75.6)

Share of results of associate	14		3.1		-		3.1		-		-		-
Loss for the year			(51.7)		(86.1)		(137.8)		(39.2)		(36.4)		(75.6)

Total other comprehensive (loss)/income for the year
Items that may be reclassified to profit or loss:
(Gain)/loss reclassified to profit and loss during the year		(2.4)		-		(2.4)		16.2		-		16.2
Fair value gain/(loss) on cash flow hedges during the year⁽³⁾		7.4		-		7.4		(28.7)		-		(28.7)
Income tax relating to these items		(1.2)		-		(1.2)		2.4		-		2.4
Total other comprehensive income/(loss) for the year		3.8		-		3.8		(10.1)		-		(10.1)
Total comprehensive loss for the year		(47.9)		(86.1)		(134.0)		(49.3)		(36.4)		(85.7)
Loss per share	7
Basic							(11.48)p						(6.13)p
Diluted							(11.48)p						(6.13)p

1. See note 1, exceptional items.

2. 2024 and 2023 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 two years to 28 February 2026.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

at 29 February 2024

	Note	2024	2023
		£ million	£ million
Assets
Non-current assets
Intangible assets	11	104.3	131.5
Property, plant and equipment	12	349.3	371.6
Right-of-use assets	13	85.6	136.4
Financial assets	26	-	0.3
Financial assets - equity investments	26	0.3	15.3
Investments in associates	14	29.6	-
Deferred tax	15	32.1	23.5
		601.2	678.6
Current assets
Inventories	16	208.0	178.1
Trade and other receivables	17	30.2	37.0
Financial assets	26	3.3	1.1
Current tax asset		2.7	-
Cash and cash equivalents	18	230.0	330.9
Total current assets		474.2	547.1

Total assets		1,075.4	1,225.7

Liabilities
Current liabilities
Trade and other payables	19	(294.6)	(260.3)
Provisions	20	(26.9)	(49.7)
Lease liabilities	22	(9.5)	(12.1)
Financial liabilities	26	(1.0)	(15.7)
Total current liabilities		(332.0)	(337.8)

Non-current liabilities
Provisions	20	(9.5)	(10.0)
Interest-bearing loans and borrowings	21	(325.0)	(325.0)
Lease liabilities	22	(112.4)	(126.5)
Financial liabilities	26	-	(2.2)
Deferred tax	15	(16.8)	(24.2)
Total liabilities		(795.7)	(825.7)

Net assets		279.7	400.0

Equity
Share capital	23	12.7	12.7
Shares to be issued	24	-	31.9
Share premium		898.1	916.8
Hedging reserve		2.7	(2.3)
EBT reserve		(73.3)	(76.8)
Other reserves	25	(754.4)	(796.5)
Retained earnings		193.9	314.2
Total equity		279.7	400.0

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Share capital	Shares to be issued	Share premium	Hedging reserve	EBT reserve	Other reserves	Retained earnings	Total equity
	£ million	£ million	£ million	£ million	£ million	£ million	£ million	£ million
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

Loss for the year	-	-	-	-	-	-	(137.8)	(137.8)

Other comprehensive income/(expense):
Gain reclassified to profit or loss in revenue	-	-	-	(2.4)	-	-	-	(2.4)
Fair value gain on cash flow hedges during the year	-	-	-	7.4	-	-	-	7.4
Total comprehensive income for the year	-	-	-	5.0	-	-	(137.8)	(132.8)

Issue of shares	-	-	(18.7)	-	3.5	-	-	(15.2)
Cancellation of shares to be issued	-	(31.9)	-	-	-	31.9	-	-
Revaluation gain on transition of investment to associate	-	-	-	-	-	10.2	-	10.2
Share-based payments credit	-	-	-	-	-	-	17.5	17.5
Translation of foreign operations	-	-	-	-	-	-	-	-
Balance at 29 February 2024	12.7	-	898.1	2.7	(73.3)	(754.4)	193.9	279.7

CONSOLIDATED CASH FLOW STATEMENT

for the year ended 29 February 2024

	Note	2024	2023
		£ million	£ million
Cash flows from operating activities
Loss for the year		(137.8)	(75.6)
Adjustments for:
Share-based payments charge		17.5	32.0
Depreciation charges and amortisation	11,12,13	85.0	68.6
Impairment of intangible assets	11	22.4	-
Impairment of property, plant and equipment	12	19.1	9.8
Impairment of right-of-use assets	13	34.2	3.6
Gain on sale of property, plant and equipment		(0.1)	-
Reclassification to profit or loss of discontinued hedge contracts		(13.9)	14.3
Share of results of associate	14	(3.1)	-
Finance income	4	(9.5)	(3.5)
Finance expense	4	22.5	12.0
Tax credit	10	(19.0)	(15.1)
		17.3	46.1

(Increase)/decrease in inventories	16	(29.9)	101.3
Decrease in trade and other receivables	17	5.2	19.4
Increase/(decrease) in trade and other payables	19	7.5	(35.9)
Cash generated from operations		0.1	130.9

Tax repaid		1.8	5.8
Net cash generated from operating activities		1.9	136.7

Cash flows from investing activities
Acquisition of intangible assets	11	(32.2)	(32.1)
Acquisition of property, plant and equipment	12	(32.6)	(59.1)
Proceeds from the sale of property, plant and equipment	12	1.2	0.5
Acquisition of financial assets - equity investments	26	(1.3)	(15.3)
Finance income received		10.1	2.7
Net cash used in investing activities		(54.8)	(103.3)

Cash flows from financing activities
Proceeds from the issue of ordinary shares		0.1	0.2
Purchase of own shares by EBT		(15.3)	(7.4)
Finance expense paid		(15.9)	(9.6)
Lease payments		(16.9)	(12.0)
Increase in borrowings	21	-	225.0
Net cash (used in)/generated from financing activities		(48.0)	196.2

(Decrease)/increase in cash and cash equivalents		(100.9)	229.6

Cash and cash equivalents at beginning of year		330.9	101.3
Cash and cash equivalents at end of year		230.0	330.9

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 2023. These standards have not had a material impact on the entity in the current reporting period and are not expected to in future reporting periods.

· Amendments to IFRS 17: Insurance Contracts

· Amendments to IAS 1: Presentation of Financial Statements

· Amendments to IAS 8: Accounting policies, Changes in Accounting Estimates and Errors

· Amendments to IAS 12: Income Taxes

· Amendments to IFRS 17: Insurance Contracts

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 2024 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. These standards are not expected to have a material impact on the entity in the current or future reporting periods.

· Amendments to IAS1: Classification of Liabilities as Current or Non-current

· Amendments to IAS1: Non-current Liabilities with Covenants

· Amendments to IFRS 16: Leases (Lease Liability in a Sale and Leaseback)

· Amendments to IAS 7: Statement of Cash Flows (Supplier Finance Arrangements)

· Amendments to IFRS 7: Financial Instruments (Supplier Finance Arrangements)

· Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rate (Lack of Exchangeability)

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 exercises 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:

· restructuring costs and impairment of assets associated with the closure of the Daventry warehousing facility

· set up costs associated with the opening of a warehousing facility in the USA

· impairment of the group's acquired intangible assets

· dual technology platform running costs associated with the re-platforming of the group's e-commerce front end to its own in-house developed tech stacks

· redundancy costs associated with the group's cost reduction programme

Exceptional costs and impairment of assets	2024 £ million	2023 £ million
Selling and distribution costs
Impairment of UK warehouse right-of-use asset	34.2	3.6
Impairment of UK warehouse property, plant and equipment	19.1	3.3
USA warehouse set up costs	11.6	2.4
UK warehouse restructuring and dual operating costs	6.6	2.4
Sheffield automation disruption costs	-	8.3
	71.5	20.0
Administration expenses
Impairment of acquired intangibles	22.4	-
Redundancy costs	5.2	4.1
Technology platform - dual running costs	3.9	-
Reclassification to profit or loss of discontinued hedge contracts	-	14.3
Impairment of property, plant and equipment at loss-making operations	-	6.5
	31.5	24.9

Total before tax	103.0	44.9
Tax	(16.9)	(8.5)
Total after tax	86.1	36.4

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 29 February 2024
	UK		Rest of Europe		USA	Rest of world	Total
		£ million	£ million		£ million	£ million	£ million
Revenue		921.5	165.8		299.1	74.6	1,461.0
Cost of sales		(460.8)	(78.4)		(132.0)	(33.7)	(704.9)
Gross profit		460.7	87.4		167.1	40.9	756.1

Distribution costs		-	-		-	-	(431.5)
Administrative expenses - other		-	-		-	-	(442.0)
Amortisation of acquired intangibles		-	-		-	-	(30.8)
Other income		-	-		-	-	1.3
Operating loss		-	-		-	-	(146.9)

Finance income		-	-		-	-	9.5
Finance expense		-	-		-	-	(22.5)
Loss before tax		-	-		-	-	(159.9)

				Year ended 28 February 2023
	UK		Rest of Europe		USA	Rest of world	Total
	£ 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)

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 £101.9 million (2023: £107.4 million).

3 Other income

	2024	2023
	£ million	£ million
Property rental income	0.4	0.1
R&D expenditure tax credit	0.9	0.1
	1.3	0.2

4 Finance income and expense

	2024	2023
	£ million	£ million
Finance income: Bank interest received	9.5	3.5

Finance expense: RCF interest paid and accrued	(18.3)	(9.6)
Finance expense: IFRS 16 lease interest	(2.9)	(1.7)
Finance expense: RCF arrangement and facility fees	(1.3)	(0.7)
	(22.5)	(12.0)

5 Auditors' remuneration

	2024	2023
	£ million	£ million
Audit of these financial statements	0.6	0.6
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	0.6

6 Profit before tax

Profit before tax is stated after charging:	2024	2023
	£ million	£ million
Short-term operating lease rentals for buildings	0.2	0.1
Equity-settled share-based payment charges	17.5	32.0
Exceptional costs, excluding impairment (note 1)	27.3	31.5
Depreciation of property, plant and equipment (note 12)	33.7	26.7
Impairment of property, plant and equipment (notes 1, 12)	19.1	9.8
Depreciation of right-of-use assets (note 13)	14.3	12.8
Impairment of right-of-use assets (notes 1, 13)	34.2	3.6
Amortisation of intangible assets (note 11)	28.6	16.9
Impairment of intangible assets (notes 1, 11)	22.4	-
Amortisation of acquired intangible assets (note 11)	8.4	12.2

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.

	2024	2023
Weighted average shares in issue for basic earnings per share	1,199.5	1,233.0
Dilutive share options	88.0	69.4
Weighted average shares in issue for diluted earnings per share	1,287.5	1,302.4

Loss (£ million)	(137.8)	(75.6)
Loss per share	(11.48)p	(6.13)p

Loss (£ million)	(137.8)	(75.6)
Adjusting items:
Amortisation of intangible assets arising on acquisitions	8.4	12.2
Share-based payments charges	17.5	32.0
Exceptional items (note 1)	27.3	31.5
Impairment of assets (note 1)	75.7	13.4
Share of results of associate	(3.1)	-
Adjustment for tax	(22.3)	(13.7)
Adjusted loss	(34.3)	(0.2)
Adjusted loss per share (basic)	(2.86)p	(0.02)p
Adjusted loss per share (diluted)	(2.86)p	(0.02)p

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 and gains relating to the amortisation of intangible assets valued upon acquisitions, non-cash share-based payment charges, exceptional items and the group's share of results of associate.

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
	2024	2023
Administration	2,098	2,475
Distribution	2,981	3,715
	5,079	6,190

The aggregate payroll costs of these persons were as follows:

	2024	2023
	£ million	£ million
Wages and salaries	163.3	176.3
Social security costs	16.7	19.0
Post-employment benefits	4.4	4.4
Equity-settled share-based payment charges	17.5	32.0
	201.9	231.7

9 Directors' and key management compensation

	2024	2023
	£ million	£ million
Short-term employee benefits	23.5	21.8
Post-employment benefits	0.4	0.3
Equity-settled share-based payment charges	3.4	4.5
	27.3	26.6

Directors' and key management compensation comprises the group directors and executive committee members.

10 Taxation

	2024	2023
	£ million	£ million
Analysis of credit in year

Current tax on income for the year	0.3	-
Adjustments in respect of prior year taxes	(3.3)	2.0
Deferred taxation	(16.0)	(17.1)
Tax credit	(19.0)	(15.1)
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 primarily tax resident. The total tax charge differs from the amount computed by applying the UK rate of 24.5% for the year (2023: 19.0%) to profit before tax as a result of the following:
	2024	2023
	£ million	£ million
Loss before tax	(159.9)	(90.7)
Loss before tax multiplied by the standard rate of corporation tax of the UK of 24.5% (2023: 19.0%)	(39.2)	(17.2)
Effects of:
Expenses not deductible for tax purposes	20.3	4.6
Change in deferred tax rate	-	(5.9)
Adjustments in respect of prior year taxes	(3.3)	2.0
Overseas tax differentials	0.3	0.5
Depreciation on ineligible assets	2.9	0.9
Tax credit	(19.0)	(15.1)

Tax recognised in the statement of changes in equity

Deferred tax debit on movement in tax base of share options	-	(0.1)

No current tax was recognised in other comprehensive income (2023: £nil). The UK corporation tax rate changed effective April 2023 from 19% to 25% as enacted by the UK Government resulting in an effective rate of 24.5% for the year ended 29 February 2024.

In May 2023, the IASB issued International Tax Reform - Pillar Two Model Rules - Amendments to IAS 12 Income Taxes to clarify the application of IAS12 to tax legislation enacted or substantively enacted to implement Pillar Two of the Organisation for Economic Co-operation and Development's Base Erosion and Profit Shifting project, which aims to address the tax challenges of the digitalisation of the economy. The amendments include a mandatory temporary exception from accounting for deferred tax on such tax law. In July 2023, the UK government enacted legislation to implement the Pillar Two rules. The legislation is designed to ensure a minimum effective tax rate of 15% in each country in which the group operates. Similar legislation is being enacted by other governments around the world. In line with the amendments to IAS 12, the exception from accounting for deferred tax for the Pillar Two rules has been applied and there is no impact on the consolidated financial statements for the year ended 29 February 2024. Based on an assessment of historic data and forecasts for future years the group does not expect a material exposure to Pillar Two income taxes.

11 Intangible assets

	Patents and licences	Trademarks	Customer lists	Computer software	Total
	£ million	£ million	£ million	£ million	£ million
Cost
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

Additions	0.3	-	-	31.9	32.2
Disposals	-	-	-	-	-
Balance at 29 February 2024	1.3	115.6	8.1	115.1	240.1

Accumulated amortisation
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

Amortisation for year	0.1	7.8	0.6	28.5	37.0
Impairment of intangible assets	-	22.4	-	-	22.4
Disposals	-	-	-	-	-
Balance at 29 February 2024	0.7	67.7	8.1	59.3	135.8

Net book value
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
At 29 February 2024	0.6	47.9	-	55.8	104.3

Within the statement of comprehensive income, amortisation and impairment of acquired intangible assets (trademarks and customer lists) of £30.8 million (2023: £12.2 million) is shown separately. The amount of amortisation and impairment of the other intangible assets included in distribution costs is £0.4 million (2023: £0.3 million) and in administrative expenses is £28.2 million (2023: £16.6 million).

The intangible assets impaired during the year ended 29 February 2024 relate to the group's non-core labels which have seen significant declines in revenue during the year, following proactive actions taken to target more profitable sales.

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 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

Additions	3.5	28.2	0.9	-	-	32.6
Exchange differences	-	(0.7)	-	-	(0.3)	(1.0)
Disposals	(0.3)	-	-	(0.1)	(1.2)	(1.6)
Balance at 29 February 2024	35.0	306.8	15.7	0.9	134.6	493.0

Accumulated depreciation
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

Depreciation charge for the year	2.7	24.8	3.3	0.1	2.8	33.7
Impairment of assets	-	19.1	-	-	-	19.1
Disposals	(0.3)	-	-	(0.1)	(0.1)	(0.5)
Balance at 29 February 2024	12.7	106.5	12.8	0.8	10.9	143.7

Net book value
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
At 29 February 2024	22.3	200.3	2.9	0.1	123.7	349.3

The amounts of depreciation included in the statement of comprehensive income in distribution costs is £22.9 million (2023: £16.0 million) and in administrative expenses is £10.8 million (2022: £10.7 million). The amounts of impairment included in the statement of comprehensive income in distribution costs is £19.1 million (2023: £3.3 million) and in administrative expenses is £nil (2023: £6.5 million).

The assets impaired relate to leasehold alterations and fixtures and fittings located in facilities which are no longer in use, 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 the lower of value in use or 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 2022					77.9
Additions					103.1
Balance at 28 February 2023					181.0

Additions					3.8
Exchange differences					(6.2)
Disposals					(0.1)
Balance at 29 February 2024					178.5

Accumulated depreciation
Balance at 28 February 2022					28.2
Depreciation for year					12.8
Impairment of assets					3.6
Balance at 28 February 2023					44.6

Depreciation for year					14.3
Impairment of assets					34.2
Exchange differences					(0.2)
Balance at 29 February 2024					92.9

Net book value
At 28 February 2022					49.7
At 28 February 2023					136.4
At 29 February 2024					85.6

The amounts of depreciation included in the statement of comprehensive income in distribution costs is £10.0 million (2023: £4.6 million) and in administrative expenses is £4.3 million (2022: £8.2 million). The amounts of impairment included in the statement of comprehensive income in distribution costs is £34.2 million (2022: £3.6 million) and in administrative expenses is £nil (2023: £nil).

The assets impaired relate to short leasehold properties at facilities that 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 (2023: £2.3 million).

14 Investment in associate

	Investment in associate
	£ million
Cost
Balance at 28 February 2023	-
Additions at fair value	26.5
Share of results of associate	3.1
Balance at 29 February 2024	29.6

Impairment
Balance at 28 February 2023	-
Impairment charge	-
Balance at 29 February 2024	-

Net book value
At 28 February 2023	-
At 29 February 2024	29.6

Under the equity accounting requirements of IAS 28 the group's share of the results of associate is included in the carrying value of the associate in the group statement of financial position and included within the group income statement using the equity method of accounting.

Set out below is the material associate of the group. The entity listed below has share capital consisting of ordinary shares, which are held directly by the group. The country of incorporation or registration is the principal place of business, and the proportion of ownership interest is the same as the proportion of voting rights held.

% ownership

Carrying amount

Name of entity

Nature of relationship

Country of incorporation

2024

2023

2024

£ million

2023

£ million

Revolution Beauty Group plc ("REVB")

Associate, supplier

27.13%

29.6

The table below provides the summarised profit and loss and balance sheet for REVB. As at the date of publishing these financial statements REVB's results for the period 18^th July 2023 to 29 February 2024 have not been publicly disclosed by REVB and the audit of REVB's financial statements for the year ended 29 February 2024 has begun but not been completed by REVB's auditors. The group has reviewed analyst notes prepared by REVB's NOMAD, Liberum dated 27 March 2024, the management accounts of REVB for the period ending 29 February 2024 and post year end RNS notes published by REVB. These estimated results have been amended to reflect adjustments made by the group when using the equity method, including fair value adjustments and modifications for differences in accounting policy.

	2024	2023
	£ million	£ million
Sales (for the period 18/07/2023 - 29/02/2024)	122.3	-
Profit after tax (for the period 18/07/2023 - 29/02/2024)	11.3	-
Group share in %	27.13%	-
Group share in £ million (for the period 18/07/2023 - 29/02/2024)	3.1	-

Total non-current assets	17.4	-
Total current assets	98.1	-
Total current liabilities	(71.1)	-
Total non-current liabilities	(41.7)	-
Net assets	2.7	-

15 Deferred tax

Assets

	Unused tax losses	Depreciation in excess of capital allowances	Share-based payments	Total
	£ million	£ million	£ million	£ million
Asset at 28 February 2022	7.5	-	-	7.5
Recognised in statement of comprehensive income	15.0	-	1.0	16.0
Asset at 28 February 2023	22.5	-	1.0	23.5
Recognised in statement of comprehensive income	6.4		2.2	8.6
Debit in equity	-	-	-	-
Asset at 29 February 2024	28.9	-	3.2	32.1

Liabilities

	Business combinations	Capital allowances in excess of depreciation	Share-based payments	Total
	£ million	£ million	£ million	£ million
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
Liability at 28 February 2023	(0.7)	(23.5)	-	(24.2)
Recognised in statement of comprehensive income	0.2	7.2	-	7.4
Debit in equity	-	-	-	-
Liability at 29 February 2024	(0.5)	(16.3)	-	(16.8)

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.

16 Inventories

	2024	2023
	£ million	£ million
Finished goods	196.2	160.2
Finished goods - returns	11.8	17.9
	208.0	178.1

The value of inventories included within cost of sales for the year was £709.6 million (2023: £872.0 million). The finished goods returns is the estimated value of stock at customers but expected to be returned. An impairment provision of £18.5 million (2023: £21.6 million) was charged to the statement of comprehensive income. There were no write-backs of prior period provisions during the year.

17 Trade and other receivables

	2024	2023
	£ million	£ million
Trade receivables	17.8	17.6
Prepayments	11.2	13.9
Accrued income	1.2	5.5
	30.2	37.0

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:

	2024	2023
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:

	2024	2023
	£ million	£ million
Due within 30 days	16.7	17.6
Provision for impairment	(1.6)	(1.6)

Due in 31 to 90 days	4.6	4.3
Provision for impairment	(1.9)	(2.8)

Past due	1.5	0.1
Provision for impairment	(1.5)	-
Total amounts due and past due	22.8	22.0
Total provision for impairment	(5.0)	(4.4)
	17.8	17.6

18 Cash and cash equivalents

	2024	2023
	£ million	£ million
At start of year	330.9	101.3
Net movement during year	(97.1)	227.9
Effect of exchange rates	(3.8)	1.7
At end of year	230.0	330.9

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.

19 Trade and other payables

	2024	2023
	£ million	£ million
Trade payables	114.3	82.0
Other creditors	28.8	17.0
Accruals	110.0	125.6
Deferred income	11.6	15.9
Taxes and social security payable	29.9	19.8
	294.6	260.3

Trade payables include £7.6m (2023: £nil) that suppliers have chosen to early-fund under supplier financing arrangements. The supplier financing arrangement does not change the suppliers agreed payment terms directly with the group.

The fair value of trade payables is not materially different from the carrying value.

20 Provisions

	Dilapidations	Returns	Claims	Total
	£ million	£ million	£ million	£ million
Provision at 28 February 2023	10.0	37.6	12.1	59.7
Movements in provision charged/(credited) to income statement:
Prior year provision utilised	-	(37.6)	(10.3)	(47.9)
Increase in provision in current year	-	25.1	-	25.1
Exchange differences	(0.5)	-	-	(0.5)
Provision at 29 February 2024	9.5	25.1	1.8	36.4

The dilapidation provision represents the estimated exit cost of leased premises and is expected to unwind in more than ten years. 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.

21 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	2024	2023
	Currency	rate	maturity	£ million	£ million
Revolving credit facility	GB£	SONIA CIA	2025	75.0	75.0
Revolving credit facility	GB£	SONIA CIA	2026	250.0	250.0
				325.0	325.0

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

	2024	2023
	£ million	£ million
Opening balance	325.0	100.0
Increase of borrowings	-	225.0
Interest accrued	18.3	9.6
Interest paid	(18.3)	(9.6)
Capital repaid	-	-
Closing balance	325.0	325.0

Reconciliation of movements in cash flows from financing activities to movements in liabilities:

	Balance 28 February 2023	Cash flow from financing activities	Additions, disposals and exchange differences	Statement of comprehensive income	Movement in retained earnings and other reserves	Balance at 29 February 2024
	£ million	£ million	£ million	£ million	£ million	£ million
Equity	400.0	(15.2)	-	(122.6)	17.5	279.7
Leases	138.6	(16.9)	(2.7)	2.9	-	121.9
Bank borrowings	325.0	(15.9)	-	15.9	-	325.0
	863.6	(48.0)	(2.7)	(103.8)	17.5	726.6

Reconciliation of net debt:

	2024	2023
	£ million	£ million
Cash and cash equivalents	230.0	330.9
Interest bearing loans and borrowings	(325.0)	(325.0)
Net (debt) / cash and cash equivalents	(95.0)	5.9

22 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
29 February 2024
Lease payments	12.0	18.9	29.1	52.0	26.2	138.2
Finance charges	(2.5)	(2.5)	(5.2)	(4.9)	(1.2)	(16.3)
Net present value	9.5	16.4	23.9	47.1	25.0	121.9

	2024	2023
	£ million	£ million
Current lease liability	9.5	12.1
Non-current lease liability	112.4	126.5
Total	121.9	138.6

Movement in lease liabilities:

	2024	2023
	£ million	£ million
Opening balance	138.6	51.9
Interest accrued	2.9	1.7
Cash flow lease payments	(16.9)	(12.0)
Additions	3.8	97.0
Disposals	(0.1)	-
Exchange differences	(6.4)	-
Closing balance	121.9	138.6

The lease liabilities relate to leasehold properties.

23 Share capital

2024

2023

£ million

1,268,865,215 authorised and fully paid ordinary shares of 1p each

(2023: 1,268,333,43)

12.7

During the year, a total of 7.0 million shares were issued under the share incentive plans (2023: 4.2 million). On 8 February 2024, 206,309 (2023: 99,824) 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 (2023: £nil).

24 Shares to be issued

	2024	2023
	£ million	£ million
	-	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 were 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 was not met, the consideration was to lapse.

As at 29 February 2024 the issuing condition had not been met and could not have been met before the longstop date of 14 March 2024. As a result the shares to be issued have been derecognised and recycled through Other reserves alongside the reserves created upon acquisition of the non-controlling interest in PrettyLittleThing.com Limited.

25 Other reserves

	2024	2023
	£ million	£ million
Translation reserve	(0.8)	(0.8)
Capital redemption reserve	0.1	0.1
Reconstruction reserve	(515.3)	(515.3)
Acquisition of non-controlling interest in PrettyLittleThing.com Limited	(249.4)	(281.3)
Revaluation gain on transition of investment to associate	10.2	-
Proceeds from issue of growth shares in boohoo holdings Limited	0.8	0.8
	(764.6)	(796.5)

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; 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 adjusted during the year for the cancellation of the shares to be issued; and the revaluation gain on transition of investment to associate arose in July 2023 when significant influence was determined to have been obtained over Revolution Beauty Group plc, with the equity accounting requirements of IAS 28 being applied from this date.

26 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.

Investments in equity instruments

During the year ended 28 February 2023 26.47% of the issued share capital of Revolution Beauty Group plc ("REVB") was acquired. 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 either at the time of initial recognition or as at 28 February 2023. The equity investment was accounted for as a financial asset under IFRS 9 with the option taken to hold at fair value through other comprehensive income, as irrevocably designated at the date of recognition.

On 18^th July 2023 the group entered into a settlement agreement with REVB resulting in the reconstitution of the REVB board. The group also increased it's shareholding in REVB to 27.13%. The equity accounting requirements of IAS 28 were reconsidered and it was determined that significant influence did exist as a result of the settlement agreement, access to accounting records and the reconstitution of the REVB board (including the appointment of Neil Catto, former group CFO and NED, and Alistair McGeorge, who remains a NED on the group's board). As a result the investment has been accounted for as an associate under IAS 28 from 18^th July 2023. The investment, which was previously accounted for under IFRS 9, was derecognised and the cumulative gain recognised in other comprehensive income of £10.2m was reclassified to profit or loss as a revaluation adjustment.

Fair values

	2024	2023
	£ million	£ million
Financial assets At amortised cost:
Cash and cash equivalents	230.0	330.9
Trade receivables	17.8	17.6
Accrued income	1.2	5.5
At fair value through profit or loss:
Cash flow hedges	0.6	0.2
At fair value through other comprehensive income:
Cash flow hedges	2.7	1.2
Equity investments	0.3	15.3
	252.6	370.7

	2024	2023
	£ million	£ million
Financial liabilities
At amortised cost:
Trade payables	114.3	82.0
Other creditors	28.8	17.0
Accruals	110.0	125.6
Provisions	36.4	59.7
Interest-bearing loans and borrowings	325.0	325.0
Lease liabilities	121.9	138.6
At fair value through profit or loss:
Cash flow hedges	1.0	14.5
At fair value through other comprehensive income:
Cash flow hedges	-	3.4
	737.4	765.8

27 Capital commitments

Capital expenditure contracted for at the end of the reporting year, but not yet incurred, is as follows:

	2024	2023
	£ million	£ million
Property, plant and equipment at warehousing facilities	-	17.0

28 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 29 February 2024 (FY24)

£m	4m to 31 December				2m to 29/28 February				12m to 29/28 February
	FY24	FY23	yoy %	yoy CER	FY24	FY23	yoy %	yoy CER	FY24	FY23	yoy %	yoy CER
Total	531.4	637.7	-17%	-16%	200.5	248.6	-19%	-19%	1,461.0	1,768.7	-17%	-17%
Revenue by region
UK	356.2	400.8	-11%	-11%	124.0	146.1	-15%	-15%	921.5	1,091.5	-16%	-16%
ROE	56.7	73.5	-23%	-21%	23.3	30.9	-24%	-22%	165.8	206.5	-20%	-19%
USA	96.8	128.9	-25%	-25%	45.1	57.4	-22%	-22%	299.1	363.7	-18%	-18%
ROW	21.7	34.5	-37%	-35%	8.1	14.2	-43%	-44%	74.6	107.0	-30%	-30%
£m	3m to 31 May				3m to 31 August				6m to 31 August
	FY24	FY23	yoy %	yoy CER	FY24	FY23	yoy %	yoy CER	FY24	FY23	yoy %	yoy CER
Total	370.1	445.7	-17%	-17%	359.0	436.7	-18%	-18%	729.1	882.4	-17%	-18%
Revenue by region
UK	221.2	272.1	-19%	-19%	220.1	272.5	-19%	-19%	441.3	544.6	-19%	-19%
ROE	43.4	49.6	-12%	-14%	42.4	52.5	-19%	-18%	85.8	102.1	-16%	-16%
USA	81.8	95.0	-14%	-14%	75.4	82.4	-8%	-9%	157.2	177.4	-11%	-12%
ROW	23.7	29.0	-18%	-23%	21.1	29.3	-28%	-28%	44.8	58.3	-23%	-25%

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 CER	FY23	FY22	yoy %	yoy CER
Total	637.7	714.5	-11%	-13%	248.6	292.5	-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 CER	FY23	FY22	yoy %	yoy 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%

CER in this appendix for the year ended 28 February 2023 is calculated using exchange rates prevailing during the year ending 29 February 2024. CER in this appendix for the year ended 28 February 2022 is calculated using exchange rates prevailing during the year ending 28 February 2023.

Nomenclature: ROE - rest of Europe; ROW - rest of world; yoy - year-on-year; CER - constant exchange rate.

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END

Companies

Boohoo Group (BOO)

Friday, 17th May 2024

COMPANIES COVERED:

BT.A LAND FA.

BT Group continues to bask in yesterday’s well received earnings news and FireAngel jumps on clarity over getting a possible takeover across the line but Land Securities investors fail to find inspiration despite macroeconomic woes easing.

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