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boohoo.com plc (BOO)

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Thursday 11 January, 2018

boohoo.com plc

Trading Update

RNS Number : 5393B
boohoo.com plc
11 January 2018
 

For immediate release                                                                 11 January 2018

 

This announcement contains inside information

 

boohoo.com plc - trading statement for the four months ended 31 December 2017

                                                                                                                                       

"Leading the fashion eCommerce market"

 

 

Four months to 31 December

Ten months to 31 December

£ million

FY18

FY17

Increase

CER(1)

FY18

FY17

Increase

CER

Group total revenue

228.2

114.3

100%

93%

491.1

241.6

103%

97%

Revenue by region

 

 

 

 

 

 

 

 

  UK

135.7

65.5

107%

107%

299.0

147.2

103%

103%

  ROE(2)

28.2

14.0

102%

76%

56.0

28.7

95%

77%

  USA

39.6

19.3

105%

102%

79.2

34.5

129%

122%

  ROW(3)

24.7

15.6

59%

46%

56.9

31.2

82%

68%

                   

 

(1): CER designates Constant Exchange Rate translation of foreign currency revenue. (2) ROE is rest of Europe. (3) ROW is rest of world.

 

Highlights for the four months ended 31 December 2017

 

Group

·     Record revenues for all brands in highly successful trading period

·     Strong revenue growth of 100% (93% CER(1)) spread across all geographic regions

·     Gross margin 52.5% (2017: 53.1%). Retail gross margin 54.2% (2017: 54.4%)

·     Strong balance sheet with net cash of £127 million (2017: £69 million)

 

boohoo

·     Revenue £142.6 million, up 25% (21% CER) against strong prior year comparative (+55%)

·     Year-to-date revenue £324.4 million, up 34% (31% CER)

·     Gross margin 50.7%, down 240bps in line with planned investments in the customer proposition. Retail gross margin 52.5% (2017: 54.4%)

 

PrettyLittleThing

·     Revenue £73.8 million, up 191% on prior year comparative

·     Year-to-date revenue £146.4 million, up 232% on prior year comparative

·     Gross margin 55.3%, retail gross margin 57.0%

 

Nasty Gal

·     Revenue £11.9 million, increasing month-on-month from start-up in March 2017

·     Year-to-date revenue £20.2 million

 

Guidance

Group revenue growth for this financial year is now expected to be around 90%, ahead of our previous guidance of around 80%, which was raised from 60% at our interim results in late September. We now expect group adjusted EBITDA margins to be between 9.25% and 9.75%, narrowing the range from the 9% to 10% as guided at our interim results.

 

Mahmud Kamani and Carol Kane, joint CEOs, commented:

"We are delighted to report another set of strong financial and operational results, with record sales in the four months to December across all our brands. The Black Friday period was our most successful ever and we traded well throughout the period under review. boohoo has continued to perform well, delivering strong revenue growth on increasingly challenging comparatives last year. PrettyLittleThing has continued to deliver exceptional results and Nasty Gal is making excellent progress in its first year. Our focus remains on the customer proposition: offering the best range of the latest fashion at affordable prices, coupled with great customer service."

 

Investor and analyst conference call

boohoo.com will host a conference call for analysts and investors at 9.30am (UK time), 11 January. Dial in details:

 

UK Toll Number:

+44 (0)20 3428 1542

UK Toll-Free Number:

+44 (0)80 8237 0040

URL for international dial in numbers

http://events.arkadin.com/ev/docs/FEL_Events_International_Access_List.pdf

Participant PIN Code:

19431473#

 

 

Notice of results

boohoo.com expects to report its results for the 12 months to 28 February 2018 on 25 April 2018.

 

Enquiries

boohoo.com plc

Neil Catto, Chief Financial Officer

Clara Melia, Investor Relations

 

Tel: +44 (0)161 233 2050

Tel: +44 (0)7748 171236

 

Zeus Capital - Nominated adviser and joint broker

Nick Cowles/Andrew Jones (Corporate Finance)

John Goold/Benjamin Robertson (Corporate Broking)

 

Tel: +44 (0)161 831 1512

Tel: +44 (0)20 3829 5000

Jefferies Hoare Govett - Joint broker

Nick Adams/Max Jones

 

Tel: +44 (0)20 7029 8000

 

Buchanan - Financial PR adviser

Richard Oldworth/Madeleine Seacombe/

Gemma Mostyn-Owen

Tel: +44 (0)20 7466 5000

[email protected]

 

About boohoo.com plc

 

"Leading the fashion eCommerce market"

 

Founded in Manchester in 2006, the group started life as boohoo.com, an inclusive and innovative brand targeting young, value-orientated customers. For over 10 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 and children's wear, through boohooMAN and boohooKIDS. 

 

In early 2017 the group extended its customer offering through the acquisitions of the vibrant fashion brand PrettyLittleThing, and free-thinking brand Nasty Gal. 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. Today the boohoo group sells to over 8 million customers in almost every country in 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 ten months to 31 December 2017 (FY18)

 

£'000

3m to 31 May

3m to 31 August

6m to 31 August

 

FY18

FY17

yoy %

yoy % CER

FY18

FY17

yoy %

yoy %

CER

FY18

FY17

yoy %

 

yoy %

CER

120,077

58,222

106%

98%

142,798

69,094

107%

104%

262,875

127,316

106%

101%

 

 

 

 

 

 

 

 

 

Revenue by region

 

 

 

 

 

 

 

 

74,532

37,396

99%

99%

88,849

44,300

101%

101%

163,381

81,696

100%

100%

12,220

6,938

76%

61%

15,571

7,775

100%

92%

27,791

14,713

89%

77%

17,906

6,385

180%

155%

21,690

8,841

145%

136%

39,596

15,226

160%

145%

15,419

7,503

105%

80%

16,688

8,178

104%

98%

32,107

15,681

105%

89%

 

£'000

4m to 31 December

10m to 31 December

 

FY18

FY17

yoy %

yoy % CER

FY18

FY17

yoy %

yoy %

CER

Total

228,215

114,294

100%

93%

491,090

241,610

103%

97%

 

Revenue by region

 

 

 

 

 UK

135,642

65,465

107%

107%

299,022

147,161

103%

103%

 ROE

28,232

13,963

102%

76%

56,023

28,676

95%

77%

 USA

39,618

19,299

105%

102%

79,214

34,525

129%

122%

 ROW

24,723

15,567

59%

46%

56,830

31,248

82%

68%

 

Revenue by period for the year to 28 February 2017 (FY17)

 

£'000

3m to 31 May

3m to 31 August

6m to 31 August

 

FY17

FY16

yoy %

yoy % CER

FY17

FY16

yoy %

yoy %

CER

FY17

FY16

yoy %

 

yoy %

CER

58,222

41,322

41%

42%

69,094

49,462

40%

40%

127,316

90,784

40%

41%

 

 

 

 

 

 

 

 

 

Revenue by region

 

 

 

 

 

 

 

 

37,396

26,273

42%

42%

44,300

32,855

35%

35%

81,696

59,128

38%

38%

6,938

4,943

40%

43%

7,775

5,460

42%

40%

14,713

10,403

41%

41%

6,385

3,815

67%

60%

8,841

4,086

116%

100%

15,226

7,901

93%

81%

7,503

6,291

19%

27%

8,178

7,061

16%

27%

15,681

13,352

17%

27%

 

£'000

4m to 31 December

2m to 28 February

12m to 28 February

 

FY17

FY16

yoy %

yoy % CER

FY17

FY16

yoy %

yoy %

CER

FY17

FY16

yoy %

 

yoy %

CER

Total

114,294

73,692

55%

52%

53,025

30,918

72%

67%

294,635

195,394

51%

49%

 

 

 

 

 

 

 

 

 

Revenue by region

 

 

 

 

 

 

 

 

 UK

65,465

49,701

32%

32%

34,820

21,267

64%

64%

181,981

130,096

40%

40%

 ROE

13,963

8,588

63%

54%

6,059

3,639

67%

47%

34,735

22,630

53%

47%

 USA

19,299

5,962

224%

183%

5,910

2,660

122%

105%

40,435

16,523

145%

124%

 ROW

15,567

9,441

65%

56%

6,236

3,352

86%

74%

37,484

26,145

43%

45%

 

 

 

 

 

CER in this appendix for the year ended 28 February 2017 is calculated using exchange rates prevailing during the year ending 28 February 2017.

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

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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