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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Boohoo group plc    BOO   JE00BG6L7297

BOOHOO GROUP PLC

(BOO)
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Boohoo : Interim Results

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09/25/2019 | 02:18am EST

For immediate release 25 September 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 - interim results for the six months ended 31 August 2019

'Leading the fashion eCommerce market'

6 months to 31 August 2019

6 months to 31 August 2018

Change

£ million

£ million

Revenue

564.9

395.3

+43%

Gross profit

306.5

218.6

+40%

Gross margin

54.3%

55.3%

-100bps

Adjusted EBITDA(1)

60.7

39.6

+53%

% of revenue

10.8%

10.0%

+80bps

Adjusted EBIT(2)

51.2

35.3

+45%

% of revenue

9.1%

8.9%

+20bps

Adjusted profit before tax(3)

51.8

35.8

+45%

Profit before tax

45.2

24.7

+83%

Adjusted diluted earnings per share(4)

2.91p

1.99p

+46%

Diluted earnings per share

2.48p

1.39p

+78%

Net cash(5) at period end

207.4

155.6

+51.8 m

Highlights

Group

· Revenue £564.9 million, up 43% (43% CER(6))

· Strong revenue growth across all brands and geographies (UK: +35%; international: +55%). International now 44% of group revenue (2019: 41%)

· Robust balance sheet with net cash of £207.4 million (2019: £155.6 million) with healthy operating cash flow of £55.9 million (2019: £55.7 million) and free cash flow of £30.1 million (+22%)

· Acquisition of the MissPap, Karen Millen and Coast brands, complementary additions to the group's scalable multi-brand platform

boohoo

· Revenue £281.0 million, up 34% with market share gains in all focus markets

· Gross margin 53.6%, up 20bps

· 8.4 million active customers(7), up 20% on prior year

PrettyLittleThing

· Revenue £237.6 million, up 41%

· Gross margin 55.3%, down 200 bps

· 5.7 million active customers, up 43%

· Outstanding market share and revenue growth in all markets

Nasty Gal

· Revenue £43.9 million, up 148%

· Gross margin 54.2%, down 480bps driven by refinements to the customer proposition

· 1.5 million active customers, up 112%

· Strong revenue growth across all markets, gathering momentum

Guidance

As announced on 5 September 2019, group revenue growth for the year to 29 February 2020 is expected to be 33% to 38%, with adjusted EBITDA margin for the financial year to remain at around 10%, reflecting anticipated investments across the financial year into the three brands acquired by the group in the first half year. We reiterate our medium term guidance to deliver revenue growth of at least 25% per annum and adjusted EBITDA margin of around 10%.

John Lyttle CEO, commented:

'It has been a fantastic first half of the year for the group. We have delivered significant market share gains across all of our key markets, and for the first time in our history, revenue has exceeded £1 billion in the last 12 months. We have delivered strong growth and operating leverage in our more established brands and will continue to invest in both our more established and newly-acquired brands. We enter the second half of the year well-placed and confident that our platform, which combines the latest fashion, great prices and excellent customer service, all underpinned by a well-invested infrastructure, will deliver further market share gains.'

Investor and Analyst Meeting

A meeting for analysts will be held at 9.30am today at the offices of Buchanan, 107 Cheapside, London, EC2V 6DN. boohoo group plc's interim results 2020 are available at www.boohooplc.com.

A live audio webcast will be available at 9.30am via the following link:

https://webcasting.buchanan.uk.com/broadcast/5d541fada98d141c9d04c8ed

A replay will subsequently be available from 12 noon via the same link.

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 Finance)

Tel: +44 (0)161 831 1512

John Goold/Benjamin Robertson (Corporate Broking)

Tel: +44 (0)20 3829 5000

Jefferies - Joint broker

Philip Noblet/Max Jones

Tel: +44 (0)20 7029 8000

Buchanan - Financial PR adviser

boohoo@buchanan.uk.com

Richard Oldworth/Sophie Wills/Kim Looringh-van Beeck/Toto Berger

Tel: +44 (0)20 7466 5000

Notes:

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

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

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

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

(5) Net cash is cash less borrowings.

(6) CER designates Constant Exchange Rate translation of foreign currency revenue, which gives a truer indication of the performance in international markets by removing year-to-year exchange rate movements when local currency sales are converted to sterling.

(7) Active customers defined as having shopped in the last year.

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. In March 2019 the group acquired the MissPap brand and in August 2019, the Karen Millen and Coast brands, all complementary to the group's scalable multi-brand platform. United by a shared customer value proposition, our brands design, source, market and sell great quality clothes, shoes and accessories at unbeatable prices. These investment propositions have helped us grow from a single brand, into a major multi-brand online retailer, leading the fashion eCommerce market for 16 to 40-year-olds around the world. As at 31 August 2019, the boohoo group had around 13 million active customers across all its brands around the world.

Cautionary Statement

Certain statements included or incorporated by reference within this announcement may constitute 'forward-looking statements' in respect of the group's operations, performance, prospects and/or financial condition. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words and words of similar meaning as 'anticipates', 'aims', 'due', 'could', 'may', 'will', 'should', 'expects', 'believes', 'intends', 'plans', 'potential', 'targets', 'goal' or 'estimates'. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions and actual results or events may differ materially from those expressed or implied by those statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No responsibility or obligation is accepted to update or revise any forward-looking statement resulting from new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast. This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares or other securities in the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares or other securities of the Company. Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser. Statements in this announcement reflect the knowledge and information available at the time of its preparation. Liability arising from anything in this announcement shall be governed by English law. Nothing in this announcement shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

Review of the business

Group overview

Group revenue for the half year increased by 43% (43% CER) on the first half of the previous year to £564.9 million (2019: £395.3 million). Revenue growth across all focus territories and brands was strong.

Adjusted EBITDA was £60.7 million (2019: £39.6 million), an increase of 53% on the first half of the previous year, with efficiency improvements, increased leverage of fixed overheads and effective marketing across the group leading to an adjusted EBITDA margin of 10.8% (2019: 10.0%). Profit before tax was £45.2 million (2019: £24.7 million), an increase of 83%. Adjusted diluted earnings per share was 2.91p, up 46% on the prior half year. Basic earnings per share rose to 2.55p, an increase of 80% (2019: 1.42p).

The group's performance over the half year has been outstanding, with strong momentum across the business driving impressive revenue growth in all our brands and in all key focus territories. The group is increasing market share through highly effective marketing strategies, employing a mix of high profile celebrity campaigns, influencer associations, and digital and traditional marketing initiatives. Our scalable, multi-brand platform has enabled us to take on three additional women's brands - MissPap, Karen Millen and Coast. Revenue from MissPap is starting to grow rapidly since go-live in April, whilst Karen Millen and Coast will commence trading online in October. Continuous improvement in the customer proposition is a top priority, with new apps, additional payment methods and improved delivery being deployed to ensure we keep pace with technological developments and remain best-in-class.

Cash generation was strong, with operating cash flow of £55.9 million (2019: £55.7 million) and free cash flow up 22% to £30.1 million. Capital expenditure was £6.4 million and £19.4 million was spent on the acquisition of the three new brands. Our net cash balance at the period end increased to £207.4 million (2019: £155.6 million).

Distribution centres

The group operates through two distribution centres: the Burnley facility services boohoo, boohooMAN, Nasty Gal and, in the second half year, will additionally serve MissPap, Karen Millen and Coast; and the Sheffield facility, which is managed by a third-party, services PrettyLittleThing. Automation at the Burnley warehouse went live in April 2019 and has been instrumental in improving efficiency and increasing throughput, enabling the facility to handle the rapid growth of the group and maintain high customer service levels. Both facilities give us the scale and capacity required as the group develops.

Technology

New apps in key markets for boohoo, boohooMAN and Nasty Gal were developed in-house and released in the first half year. These have been highly successful, with a high rate of adoption by users. Bringing the apps in-house has resulted in a far better user experience, with the added advantage of greater flexibility for further development and faster introductions of new features.

New payment methods have been introduced in several markets, giving customers more choice and flexibility, which has contributed to improvements in order size and frequency.

boohoo (including boohooMAN)

Performance

Revenue for the half year increased to £281.0 million, up 34% on the first half of the previous year, with growth in all our key focus markets.

Growth in the UK has continued in the first half year, whilst international growth has remained exceptionally strong, especially so in the USA and northern Europe. Gross margin increased by 20bps to 53.6%, driven by an improved product offering and refinement of the customer proposition.

Product

Core product lines are showing further improvement on the previous year, which together with the comprehensive size range offerings and new product introductions, are delivering growth and meeting consumer trends. In June we introduced our first dedicated recycled women's clothing range, 'for the future', which is the start of our drive for a more sustainable future in fashion options. We have also extended our beauty range, offering a great collection of well-known brands alongside a boohoo branded range. boohooMAN is continuing to grow strongly as its product range widens and new collections and size ranges are added. With our constantly refreshed product offering, ensuring the very latest fashion trends are on our website within days, boohoo remains the most relevant brand for young consumers who want great fashion at unbeatable prices.

Marketing

Marketing efforts continued to focus on a successful mix of social media influencers, student activation, digital acquisition and retention, PR and above-the-line advertising in the form of TV and out-of-home advertising. Our investment in producing locally relevant content is also proving highly successful as we expand internationally.

Our global social media audience now includes over 6 million followers on Instagram and 3 million Facebook likes. This summer saw us working with a host of local brand ambassadors and the return of global ambassador, Jordyn Woods. All collections have featured an inspiring range of day-to-evening looks with that synonymous boohoo glamour.

boohooMAN collaborated with American rap artist Quavo, launching an inspirational collection for the spring/summer.

Customer interaction

Active customer numbers over the last 12 months increased by 20% to 8.4 million. Conversion rate to sale increased from 3.1% to 3.3% of sessions, when measured on website statistics alone. Order frequency increased 2%, with customers placing an order with us, on average, 2.11 times in 12 months, whilst the number of items per basket increased 9% to 3.30.

Of our seventeen country-specific websites, six are translated into local languages, with Swedish being added during the period and improving the customer experience and conversion, and we have plans for further translated sites. Our Instashop is a great way to shop for the latest celebrity and influencer looks, whilst the visual search facility on the app enables customers to locate matching products from a photograph. The addition of new payment methods in different countries ensures we keep abreast of customer preferences and optimise conversion. A virtual assistant helps answer customer queries and speeds up our response time to offer a more satisfying customer relationship experience.

PrettyLittleThing

Performance

PrettyLittleThing ('PLT') achieved strong revenue growth of 41% over the first half of the previous year, reaching £237.6 million. Growth across all territories was strong, with the US and French markets performing exceptionally well. Gross margin has decreased to 55.3% (2019: 57.3%), as we optimise growth and refine the customer proposition.

Product

PLT brings the latest and most relevant celebrity looks at affordable prices to our customers, with a choice of over 23,500 styles and new items available daily. Our product range continued to expand during the first half year with further strong growth in the 'shape' ranges including Petite, Curve and Plus. We have also continued to expand our accessories and beauty offering, partnering with major beauty brands to offer a one-stop shop for our customers. During the first half year we continued to bring the latest celebrity looks to customers, with a second collaboration with Ashley Graham and a swimwear collaboration with R&B artist Ashanti.

Marketing

We have continued to extend our social media reach by increasing the number of social media influencers, combined with celebrity campaigns and collaborations. These include Ashley Graham, Ashanti and the recently-announced collaboration with USA rapper Saweetie, all of which help the brand reach its target audience. We have 11 million Instagram followers, 2 million likes on Facebook and 0.3 million followers on Twitter. We grew our Tik Tok following from 20,000 to 310,000 and are the fastest growing fashion brand on the channel. We have presence on other social media channels and continue to develop our exposure to new and emerging platforms.

Customer interaction

We support eight country-specific websites and have plans for further foreign language sites, following the success of the French language site introduced in the previous financial year. For the UK market, we offer a wide range of free return options. We have expanded our customer payment options through the first half of the year as we seek to introduce the latest technologies and payment options to give our customers greater flexibility in their shopping experience.

Active customer numbers over the last 12 months increased by 43% to 5.7 million. Conversion rate to sale increased from 3.3% to 3.6% of sessions, when measured on website statistics alone. Order frequency increased 5% to 2.97 times in 12 months, whilst the number of items per basket increased 5% to 2.96.

Nasty Gal

Performance

Revenue growth across all territories has been exceptionally strong, giving an overall 148% increase to £43.9 million. Revenue growth in the USA, the largest single market for the brand, has continued at a significant pace. UK and International growth has been exceptional, with the brand gaining momentum through growing consumer awareness. Gross margin at 54.2% (2019: 59.0%) is in line with the re-alignment of the customer proposition.

Product

We have continued to build the product base in line with the expansion of the business, with the number of styles doubling to over 13,000. Product pricing remains higher than that of boohoo and PrettyLittleThing, whilst the product is differentiated in line with the brand's heritage, including the Nasty Gal Vintage collection, which is part of the ongoing product strategy and representative of the brand's DNA.

Marketing

The marketing strategy has focussed on building and extending the number of bloggers and influencers and staging key media events to engage customer interest and promote brand loyalty. This summer we launched an iconic collection edited by Emily Ratajkowski (EmRata) and teamed up with Claire Rose Cliteur with a beautiful collection of transitional season pieces.

On social media Nasty Gal has 3.8 million followers on Instagram, 1.3 million Facebook likes and 0.2 million followers on Twitter.

Customer interaction

Nasty Gal has seven country and regional websites and apps for the UK, US and the Australian markets. The new apps were brought in-house during the period, bringing a significant improvement in the customer experience and greater flexibility for us to enhance the app in short timescales.

Active customer numbers over the last 12 months increased by 112% to 1.5 million. Conversion rate to sale increased from 1.9% to 2.2% of sessions, when measured on website statistics alone. Order frequency increased 13% to 1.55 times in 12 months, whilst the number of items per basket increased 18% to 3.44.

Financial review

Group revenue by brand

6 months to

31 August 2019

6 months to

31 August 2018

Change

Change

£000

£000

CER

boohoo

281,033

209,006

+34%

+35%

PrettyLittleThing

237,609

168,612

+41%

+41%

Nasty Gal

43,850

17,691

+148%

+153%

Other

2,374

-

-

-

564,866

395,309

+43%

+43%

Group revenue by geographical market

6 months to

31 August 2019

6 months to

31 August 2018

Change

Change

£000

£000

CER

UK

314,954

234,057

+35%

+35%

Rest of Europe

87,486

51,250

+71%

+69%

USA

110,729

68,171

+62%

+65%

Rest of world

51,697

41,831

+24%

+25%

564,866

395,309

+43%

+43%

KPIs

Group

6 months to

31 August 2019

6 months to

31 August 2018(5)

Change

Active customers(1)

13.0 million

10.0 million

+30%

Number of orders

20.3 million

14.7 million

+38%

Order frequency(2)

2.87

2.68

+7%

Conversion rate to sale (3)

3.26%

3.09%

+17bps

Average order value(4)

£43.26

£40.57

+7%

Number of items per basket

3.15

2.93

+7%

1. Defined as having shopped in the last 12 months

2. Defined as number of orders in last 12 months divided by number of active customers

3. Defined as the percentage of website orders taken to internet sessions

4. Calculated as gross sales including sales tax divided by the number of orders

5. Prior period numbers restated to include marketplace data

Consolidated summary income statement

6 months to

31 August 2019

6 months to

31 August 2018

Change

£000

£000

Revenue

564,866

395,309

+43%

Cost of sales

(258,335)

(176,732)

Gross profit

306,531

218,577

+40%

Gross margin %

54.3%

55.3%

-100 bps

Operating costs

(245,904)

(179,121)

Other income

112

120

Adjusted EBITDA

60,739

39,576

+53%

Adjusted EBITDA margin %

10.8%

10.0%

+80 bps

Depreciation

(7,906)

(3,090)

Amortisation of other intangible assets

(1,589)

(1,163)

Adjusted EBIT

51,244

35,323

+45%

Adjusting items:

Amortisation of acquired intangible assets

(2,312)

(2,224)

Equity-settled share-based payment charges

(4,355)

(2,464)

Exceptional costs - warehouse relocation

-

(6,436)

Operating profit

44,577

24,199

+84%

Finance income

770

577

Finance expense

(196)

(79)

Profit before tax

45,151

24,697

+83%

Tax

(9,076)

(4,867)

Profit after tax for the period

36,075

19,830

+82%

Basic earnings per share

2.55p

1.42p

+80%

Diluted earnings per share

2.48p

1.39p

+78%

Adjusted profit after tax for the period

41,515

28,872

+44%

Amortisation of acquired intangible assets

(2,312)

(2,224)

Share-based payment charges

(4,355)

(2,464)

Exceptional costs - warehouse relocation

-

(6,436)

Adjustment for tax

1,227

2,082

Profit after tax for the period

36,075

19,830

Adjusted profit for the period attributable to shareholders of the company

34,695

23,361

+49%

Adjusted diluted earnings per share

2.91p

1.99p

+46%

Taxation

The effective rate of tax for the half-year was 20.1% (2019: 19.7%), which is more than the blended UK statutory rate of tax for the year of 19%, principally due to depreciation of buildings in excess of capital allowances.

Earnings per share

Basic earnings per share increased by 80% from 1.42p to 2.55p. Adjusted diluted earnings per share was 2.91p, up 46% on the first half of the prior year.

Consolidated statement of financial position

6 months to

31 August 2019

6 months to

31 August 2018

£000

£000

Intangible assets

43,842

29,074

Property, plant and equipment

108,460

98,505

Right-of-use assets

15,691

-

Financial assets

298

585

Deferred tax asset

4,080

4,153

Non-current assets

172,371

132,317

Working capital

(58,746)

(53,597)

Lease liabilities

(17,709)

-

Net financial liabilities

(27,166)

(1,895)

Cash and cash equivalents

213,392

163,889

Interest bearing loans and borrowings

(5,955)

(8,337)

Deferred tax liability

(2,047)

(2,001)

Current tax liability

(6,844)

(4,707)

Net assets

267,296

225,669

Liquidity and financial resources

Free cash flow was £30.1 million compared to £24.5 million in the previous financial half-year, up 22% after inventory build ahead of our rapid growth and the acquisition of the new brands. Capital expenditure was £6.4 million and £19.4 million was spent on the acquisition of the three new brands. The closing cash balance for the group was £213.4 million and the net cash balance, after deducting bank loans, was £207.4 million.

Consolidated cash flow statement

6 months to

31 August 2019

6 months to

31 August 2018

£000

£000

Profit for the period

36,075

19,830

Depreciation charges and amortisation

11,807

6,477

Share-based payments charge

4,355

2,464

Tax expense

9,076

4,867

Finance income

(770)

(577)

Finance expense

196

79

Increase in inventories

(27,084)

(5,054)

Increase in trade and other receivables

(16,397)

(17,569)

Increase in trade and other payables

38,630

45,216

Operating cash flow

55,888

55,733

Capital expenditure and intangible asset purchases

(6,449)

(31,185)

Acquisition of new brands (intangible assets)

(19,370)

-

Free cash flow

30,069

24,548

Proceeds from the issue of ordinary shares

771

2,087

Purchase of own shares by EBT

(4,809)

-

Finance income received

740

495

Finance expense paid

(70)

(79)

Dividend paid to non-controlling interests

(3,400)

-

Lease payments

(2,798)

-

Tax paid

(3,792)

(4,546)

Repayment of borrowings

(1,191)

(1,191)

Net cash flow

15,520

21,314

Cash and cash equivalents at beginning of period

197,872

142,575

Cash and cash equivalents at end of period

213,392

163,889

Outlook

We continue to maintain a highly positive outlook for online fashion globally. The group's multi-brand approach appeals to a widening consumer audience. The demand for affordable online fashion continues unabated and provides the opportunity for continued growth globally. Growth in the UK, our largest market, remains strong, whilst international growth continues at a higher rate.

Our focus is to maintain an outstanding customer proposition, with the latest fashion at great prices, combined with excellent customer service. To this end, we have a plan of continuous investment in systems, infrastructure and technology to ensure we offer an optimal online shopping experience. International expansion will continue as we add more country-specific websites, refine our customer proposition and raise brand awareness through marketing and social media. Our scalable, multi-brand platform provides the basis for expansion of the group through strategic acquisitions. We are also committed to continuing to drive improvements across our environmental responsibilities and are constantly exploring ways to accelerate our sustainability journey.

Group revenue growth for the year to 29 February 2020 is expected to be 33% to 38%, with adjusted EBITDA margin for the year to remain at around 10%, reflecting anticipated investments across the financial year into the three brands acquired by the group in the first half year. We reiterate our medium term guidance to deliver revenue growth of at least 25% per annum and adjusted EBITDA margin of around 10%.

John Lyttle

Neil Catto

Chief Executive

Chief Financial Officer

24 September 2019

Unaudited consolidated statement of comprehensive income

for the period ended 31 August 2019

Note

6 months to

31 August

2019

6 months to

31 August

2018

Year to 28 February

2019

(unaudited)

(unaudited)

(audited)

£000

£000

£000

Revenue

3

564,866

395,309

856,920

Cost of sales

(258,335)

(176,732)

(387,926)

Gross profit

306,531

218,577

468,994

Distribution costs

(129,979)

(97,772)

(207,083)

Exceptional distribution costs

-

(5,932)

(6,162)

Other distribution costs

(129,979)

(91,840)

(200,921)

Administrative expenses

(132,087)

(96,726)

(203,470)

Exceptional administrative expenses

-

(504)

(505)

Amortisation of acquired intangibles

(2,312)

(2,224)

(4,449)

Other administrative expenses

(129,775)

(93,998)

(198,516)

Other income

4

112

120

239

Operating profit

44,577

24,199

58,680

Finance income

770

577

1,320

Finance expense

(196)

(79)

(144)

Profit before tax

5

45,151

24,697

59,856

Taxation

(9,076)

(4,867)

(12,397)

Profit for the period

36,075

19,830

47,459

Profit for the period attributable to:

Owners of the parent company

29,551

16,309

37,772

Non-controlling interests

6,524

3,521

9,687

36,075

19,830

47,459

Total other comprehensive income/(expense) for the year, net of income tax

Loss/(gain) reclassified to profit and loss during the year

1,311

(1,518)

(2,337)

Fair value (loss)/gain on cash flow hedges during the year (1)

(35,982)

(7,703)

2,229

Total comprehensive income for the period

1,404

10,609

47,351

Total comprehensive income attributable to:

Equity attributable to owners of the parent company

(5,120)

7,088

37,664

Non-controlling interests

6,524

3,521

9,687

1,404

10,609

47,351

Earnings per share

6

Basic

2.55p

1.42p

3.27p

Diluted

2.48p

1.39p

3.22p

1. Net fair value gains/losses on cash flow hedges will be reclassified to profit or loss during the two years to 31 August 2021.

Unaudited consolidated statement of financial position

at 31 August 2019

Note

6 months to 31 August 2019

6 months to 31 August 2018

Year to 28 February

2019

(unaudited)

(unaudited)

(audited)

£000

£000

£000

Assets

Non-current assets

Intangible assets

43,842

29,074

27,165

Property, plant and equipment

108,460

98,505

108,498

Right-of-use assets

15,691

-

-

Financial assets

298

585

3,756

Deferred tax

7

4,080

4,153

4,034

Total non-current assets

172,371

132,317

143,453

Current assets

Inventories

93,890

53,302

66,806

Trade and other receivables

8

38,767

35,149

22,576

Financial assets

838

1,871

5,883

Current tax receivable

-

-

3,186

Cash and cash equivalents

213,392

163,889

197,872

Total current assets

346,887

254,211

296,323

Total assets

519,258

386,528

439,776

Liabilities

Current liabilities

Trade and other payables

9

(191,403)

(142,048)

(154,351)

Interest bearing loans and borrowings

(2,382)

(2,382)

(2,382)

Lease liabilities

(5,225)

-

-

Financial liabilities

(16,023)

(1,605)

(1,421)

Current tax liability

(6,844)

(4,707)

(3,939)

Total current liabilities

(221,877)

(150,742)

(162,093)

Non-current liabilities

Interest bearing loans and borrowings

(3,573)

(5,955)

(4,764)

Lease liabilities

(12,484)

-

-

Financial liabilities

(11,981)

(2,161)

(415)

Deferred tax

7

(2,047)

(2,001)

(2,102)

Total liabilities

(251,962)

(160,859)

(169,374)

Net assets

267,296

225,669

270,402

Equity

Share capital

10

11,656

11,602

11,631

Share premium

606,579

604,555

606,086

Capital redemption reserve

100

100

100

Hedging reserve

(26,868)

(1,310)

7,803

EBT reserve

(6,980)

(347)

(2,174)

Translation reserve

(79)

6

-

Reconstruction reserve

(515,282)

(515,282)

(515,282)

Non-controlling interests

22,772

12,551

19,064

Retained earnings

175,398

113,794

143,174

Total equity

267,296

225,669

270,402

Unaudited consolidated statement of changes in equity

Share

capital

Share premium

Capital redemption reserve

Hedging reserve

EBT reserve

Transla-tion reserve

Recon-struction reserve

Non-controlling interest

Retained earnings

Total

equity

£000

£000

£000

£000

£000

£000

£000

£000

£000

£000

Balance at 28 February 2019

11,631

606,086

100

7,803

(2,174)

-

(515,282)

19,064

143,174

270,402

Impact of adoption of IFRS 16

-

-

-

-

-

-

-

(31)

(501)

(532)

Restated balance at 28 February 2019

11,631

606,086

100

7,803

(2,174)

-

(515,282)

19,033

142,673

269,870

Profit for the period

-

-

-

-

-

-

-

6,524

29,551

36,075

Other comprehensive income/(expense):

Loss reclassified to profit and loss in revenue

-

-

-

1,311

-

-

-

-

-

1,311

Fair value loss on cash flow hedges during the year

-

-

-

(35,982)

-

-

-

-

-

(35,982)

Total comprehensive income for the period

-

-

-

(26,868)

-

-

-

25,557

172,224

271,274

Issue of shares

25

493

-

-

(4,806)

-

-

250

-

(4,038)

Share-based payments credit

-

-

-

-

-

-

-

365

3,990

4,355

Excess deferred tax on share-based payments

-

-

-

-

-

-

-

-

(816)

(816)

Translation of foreign operations

-

-

-

-

-

(79)

-

-

-

(79)

Dividend paid to non-controlling interests

-

-

-

-

-

-

-

(3,400)

-

(3,400)

Balance at 31 August 2019

11,656

606,579

100

(26,868)

(6,980)

(79)

(515,282)

22,772

175,398

267,296

Balance at 28 February 2018

11,496

602,578

100

7,911

(351)

168

(515,282)

8,761

97,398

212,779

Profit for the period

-

-

-

-

-

-

-

3,521

16,309

19,830

Other comprehensive income/(expense):

Gain reclassified to profit and loss

-

-

-

(1,518)

-

-

-

-

-

(1,518)

Fair value loss on cash flow hedges during the period

-

-

-

(7,703)

-

-

-

-

-

(7,703)

Total comprehensive income for the period

-

-

-

(9,221)

-

-

-

3,521

16,309

10,609

Issue of shares

106

1,981

-

-

-

-

-

-

-

2,087

Issue of shares by EBT

-

(4)

-

-

4

-

-

-

-

-

Share-based payments credit

-

-

-

-

-

-

-

269

2,195

2,464

Excess deferred tax on share-based payments

-

-

-

-

-

-

-

-

(2,108)

(2,108)

Translation of foreign operations

-

-

-

-

-

(162)

-

-

-

(162)

Balance at 31 August 2018

11,602

604,555

100

(1,310)

(347)

6

(515,282)

12,551

113,794

225,669

Balance at 28 February 2018

11,496

602,578

100

7,911

(351)

168

(515,282)

8,761

97,398

212,779

Profit for the year

-

-

-

-

-

-

-

9,687

37,772

47,459

Other comprehensive income/(expense):

Gain reclassified to profit and loss in revenue

-

-

-

(2,337)

-

-

-

-

-

(2,337)

Fair value gain on cash flow hedges during the year

-

-

-

2,229

-

-

-

-

-

2,229

Total comprehensive income for the year

-

-

-

(108)

-

-

-

9,687

37,772

47,351

Issue of shares

135

3,508

-

-

(1,823)

-

-

-

-

1,820

Share-based payments credit

-

-

-

-

-

-

-

616

4,662

5,278

Excess deferred tax on share-based payments

-

-

-

-

-

-

-

-

3,342

3,342

Translation of foreign operations

-

-

-

-

-

(168)

-

-

-

(168)

Balance at 28 February 2019

11,631

606,086

100

7,803

(2,174)

-

(515,282)

19,064

143,174

270,402

Unaudited consolidated cash flow statement

for the period ended 31 August 2019

Note

6 months to 31 August 2019

6 months to 31 August 2018

Year to 28 February 2019

(unaudited)

(unaudited)

(audited)

£000

£000

£000

Cash flows from operating activities

Profit for the period

36,075

19,830

47,459

Adjustments for:

Share-based payments charge

4,355

2,464

5,278

Depreciation charges and amortisation

11,807

6,477

13,921

Loss on sale of fixed assets

-

-

24

Finance income

(770)

(577)

(1,320)

Finance expense

196

79

144

Tax expense

9,076

4,867

12,397

60,739

33,140

77,903

Increase in inventories

(27,084)

(5,054)

(18,558)

Increase in trade and other receivables

8

(16,397)

(17,569)

(4,935)

Increase in trade and other payables

9

38,630

45,216

57,513

Cash generated from operations

55,888

55,733

111,923

Tax paid

(3,792)

(4,546)

(10,361)

Net cash generated from operating activities

52,096

51,187

101,562

Cash flows from investing activities

Acquisition of intangible assets

(20,579)

(1,584)

(3,237)

Acquisition of property, plant and equipment

(5,240)

(29,601)

(43,630)

Proceeds from the sale of fixed assets

-

-

59

Finance income received

740

495

1,249

Net cash used in investing activities

(25,079)

(30,690)

(45,559)

Cash flows from financing activities

Proceeds from the issue of ordinary shares

771

2,087

3,653

Share issue costs written off to share premium

-

-

-

Purchase of own shares by EBT

(4,809)

-

(1,833)

Finance expense paid

(70)

(79)

(144)

Dividend paid to non-controlling interests

(3,400)

-

-

Lease payments

(2,798)

-

-

Repayment of borrowings

(1,191)

(1,191)

(2,382)

Net cash generated from financing activities

(11,497)

817

(706)

Increase in cash and cash equivalents

15,520

21,314

55,297

Cash and cash equivalents at beginning of period

197,872

142,575

142,575

Cash and cash equivalents at end of period

213,392

163,889

197,872

Notes

(forming part of the interim report and accounts)

1 Accounting policies

General information

boohoo group plc 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 interim condensed financial statements for the six months to 31 August 2019 have been prepared in accordance with IAS 34, 'Interim Financial Reporting' as adopted by the European Union. The interim financial statements should be read in conjunction with the group's Annual Report and Accounts for the year ended 28 February 2019, prepared and approved by the directors in accordance with International Financial Reporting Standards as adopted by the EU ('Adopted IFRSs'), IFRIC Interpretations and the Companies (Jersey) Law 1991 applicable to companies reporting under IFRS.

The interim condensed financial statements contained in this report are not audited and do not constitute statutory accounts within the meaning of Companies (Jersey) Law 1991. The Annual Report and Accounts for the year ended 28 February 2019 has been filed with the Jersey Companies Registry. The auditors' reports on those accounts were unqualified and did not include reference to any matters on which the auditors were required to report by exception under Companies (Jersey) Law 1991.

The group's business activities together with the factors that are likely to affect its future developments, performance and position are set out in the Business and Financial Reviews. The Financial Review describes the group's financial position, cash flows and bank facilities.

The interim financial statements are unaudited and were approved by the board of directors on 24 September 2019.

Going concern

The directors have reviewed the group's forecast and projections, including assumptions concerning capital expenditure and expenditure commitments and their impact on cash flows, and have a reasonable expectation that the group has adequate financial resources to continue its operations for the foreseeable future. For this reason, they have continued to adopt the going concern basis in preparing the financial statements.

In preparing the interim announcement, the directors have also made reasonable and prudent judgements and estimates and prepared the interim announcement on the going concern basis. The interim announcement and management report contained herein give a true and fair view of the assets, liabilities, financial position and profit and loss of the group.

Accounting policies

The interim financial statements have been prepared in accordance with the accounting policies set out in the group's Annual Report and Accounts for the year ended 28 February 2019, except as noted below in the change of accounting policy.

Change of accounting policy

The group has adopted IFRS 16, 'Leases', effective for accounting periods commencing 1 January 2019 and applied the modified retrospective approach and the exemption for low value or short leases. Comparatives have not been restated and the cumulative impact of adoption has been recognised as a decrease in net assets and a corresponding decrease in retained earnings as at 1 March 2019. The right-of-use asset has been measured at the carrying amount as if the standard had been applied since the commencement of the lease, discounted using the incremental borrowing rate of 1.8% at transition. The present value of the lease liabilities is discounted at the group's incremental borrowing cost.

The lease liability brought on to the balance sheet at transition is £18.5 million and the right of use asset £16.1 million. The overall decrease in retained earnings is £0.5 million. The impact on the income statement is not expected to affect profit before tax for the year to 29 February 2020, with adjusted EBITDA increasing by £4.9 million, depreciation increasing by £4.7 million and finance costs increasing by £0.2 million. The effect in the first half year will result in adjusted EBITDA increasing by £2.4 million, depreciation increasing by £2.4 million and finance costs increasing by £0.1 million. Within the cash flow statement, there are changes in the classification of cash flows, with £2.6 million of lease payments classified as financing cash flows and £0.1 million as interest payments.

The impact on the opening balance sheet is as follows:

1 March 2019

£000

Non-current assets

Right-of-use assets - property, plant & equipment

16,116

Deferred income tax asset

109

Current liabilities

Financial liabilities - lease liabilities

(4,933)

Accruals

1,791

Non-current liabilities

Financial liabilities - lease liabilities

(13,615)

Total decrease in retained earnings at 1 March 2019

(532)

Reconciliation of the lease liabilities at 1 March 2019 to the operating lease commitments at 28 February 2019:

1 March 2019

£000

Operating lease commitments disclosed at 28 February 2019

6,259

Third-party warehouse services contract - revised treatment as operating lease

12,800

Restated operating lease commitments at 28 February 2019

19,059

Discounted using the lessee's incremental borrowing rate at the date of initial application

(511)

Additional lease liability recognised as at 1 March 2019

18,548

Analysed as:

Current lease liabilities

4,933

Non-current lease liabilities

13,615

From 1 March 2019 the group's lease policy is summarised as follows:

A right-of-use asset and lease liability is recognised at the lease commencement date. The right-of-use asset is initially recognised at cost, comprising the initial amount of the lease liability plus any initial direct costs incurred, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the asset or the end of the lease term. The lease liability is initially measured as the present value of the lease payments at the commencement date, discounted using the incremental borrowing rate. The lease liability is measured at amortised cost using the effective interest method. It is re-measured when there is a change in future lease payments arising from a change in an index or a rate or a change in the group's assessment of whether it will exercise an extension or termination option. When the lease liability is re-measured, a corresponding adjustment is made to the right-of-use asset.

2 Principal risks and uncertainties

The board considers the principal risks and uncertainties which could impact the group over the remaining six months of the financial year to 29 February 2020 to be unchanged from those set out in the group's Annual Report and Accounts for the year ended 28 February 2019, which in summary are: competition risk; fashion and consumer demands risk; systems and technical risk; supply chain risk; loss of key facilities; people risk; customer dissatisfaction; and financial risk. These are set out in detail on pages 20 to 22 of the group's Annual Report and Accounts for the year ended 28 February 2019, a copy of which is available on the group's website, www.boohooplc.com. In addition, the group has identified, as far as possible, the potential impacts of the UK's leaving the EU without a deal.

3 Segmental analysis

6 months to 31 August 2019

boohoo

PrettyLittleThing

Nasty Gal

Other

Total

£000

£000

£000

£000

£000

Revenue

281,033

237,609

43,850

2,374

564,866

Cost of sales

(130,287)

(106,228)

(20,086)

(1,734)

(258,335)

Gross profit

150,746

131,381

23,764

640

306,531

Distribution costs

(60,741)

(59,039)

(9,731)

(468)

(129,979)

Segment result

90,005

72,342

14,033

172

176,552

Administrative expenses - other

-

-

-

-

(129,775)

Amortisation of acquired intangibles

-

-

-

-

(2,312)

Other income

-

-

-

-

112

Operating profit

-

-

-

-

44,577

Finance income

-

-

-

-

770

Finance expense

-

-

-

-

(196)

Profit before tax

-

-

-

-

45,151

6 months to 31 August 2018

boohoo

PrettyLittleThing

Nasty Gal

Other

Total

£000

£000

£000

£000

£000

Revenue

209,006

168,612

17,691

-

395,309

Cost of sales

(97,468)

(72,013)

(7,251)

-

(176,732)

Gross profit

111,538

96,599

10,440

-

218,577

Distribution costs

(46,671)

(40,602)

(4,567)

-

(91,840)

Exceptional distribution costs

-

(5,932)

-

(5,932)

Segment result

64,867

50,065

5,873

-

120,805

Administrative expenses - other

-

-

-

-

(93,998)

Exceptional administrative expenses

-

-

-

-

(504)

Amortisation of acquired intangibles

-

-

-

-

(2,224)

Other income

-

-

-

-

120

Operating profit

-

-

-

-

24,199

Finance income

-

-

-

-

577

Finance expense

-

-

-

-

(79)

Profit before tax

-

-

-

-

24,697

Year to 28 February 2019

boohoo

PrettyLittleThing

Nasty Gal

Total

£000

£000

£000

£000

Revenue

434,565

374,445

47,910

856,920

Cost of sales

(204,474)

(162,687)

(20,765)

(387,926)

Gross profit

230,091

211,758

27,145

468,994

Distribution costs

(98,901)

(90,000)

(12,020)

(200,921)

Exceptional distribution costs

-

(6,162)

-

(6,162)

Segment result

131,190

115,596

15,125

261,911

Administrative expenses - other

-

-

-

(198,516)

Exceptional administrative expenses

-

-

-

(505)

Amortisation of acquired intangibles

-

-

-

(4,449)

Other income

-

-

-

239

Operating profit

-

-

-

58,680

Finance income

-

-

-

1,320

Finance expense

-

-

-

(144)

Profit before tax

-

-

-

59,856

Revenue by geographic region

6 months to 31 August 2019

6 months to 31 August 2018

Year to

28 February 2019

£000

£000

£000

UK

314,954

234,057

488,199

Rest of Europe

87,486

51,250

115,124

USA

110,729

68,171

166,262

Rest of world

51,697

41,831

87,335

564,866

395,309

856,920

4 Other income

6 months to 31 August 2019

6 months to 31 August 2018

Year to

28 February 2019

£000

£000

£000

Rental income

112

120

239

5 Profit before tax

Profit before tax is stated after charging:

6 months to 31 August 2019

6 months to 31 August 2018

Year to

28 February 2019

£000

£000

£000

Operating lease rentals for buildings

-

988

2,235

Equity-settled share-based payment charges

4,355

2,464

5,278

Acquisition and restructuring costs

1,261

-

-

Exceptional items - warehouse relocation

-

-

6,667

Depreciation of property, plant and equipment

5,513

3,090

6,972

Depreciation of right-of-use assets

2,393

-

-

Amortisation of intangible assets

1,589

1,163

2,500

Amortisation of acquired intangible assets

2,312

2,224

4,449

6 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 profit 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.

6 months to 31 August 2019

6 months to 31 August 2018

Year to 28 February 2019

Weighted average shares in issue for basic earnings per share

1,161,077,443

1,149,311,146

1,154,130,568

Dilutive share options

32,065,494

24,897,209

20,304,294

Weighted average shares in issue for diluted earnings per share

1,193,142,937

1,174,208,355

1,174,434,862

Earnings attributable to owners of the parent company (£000)

29,551

16,309

37,772

Basic earnings per share

2.55p

1.42p

3.27p

Diluted earnings per share

2.48p

1.39p

3.22p

Earnings attributable to owners of the parent company (£000)

29,551

16,309

37,772

Adjusting items:

Amortisation of intangible assets arising on acquisitions

2,312

2,224

4,449

Share-based payment charges

4,355

2,464

5,278

Exceptional costs - warehouse relocation

-

6,436

6,667

Adjustment for tax

(1,227)

(2,082)

(3,050)

Adjustment for non-controlling interests

(296)

(1,990)

(2,335)

Adjusted earnings

34,695

23,361

48,781

Adjusted basic earnings per share

2.99p

2.03p

4.23p

Adjusted diluted earnings per share

2.91p

1.99p

4.15p

7 Deferred tax

Assets

IFRS 16 modified retrospective

Depreciation in excess of capital allowances

Share-based payments

Total

£000

£000

£000

£000

At 28 February 2018

-

160

6,319

6,479

Recognised in statement of comprehensive income

-

(160)

(58)

(218)

Credit in equity

-

-

(2,108)

(2,108)

At 31 August 2018

-

-

4,153

4,153

At 28 February 2019

-

87

3,947

4,034

Recognised in statement of comprehensive income

(24)

197

580

753

Debit in equity

109

-

(816)

(707)

At 31 August 2019

85

284

3,711

4,080

Liabilities

Capital allowances in excess of depreciation

Business combinations

Total

£000

£000

£000

At 28 February 2018

-

(2,101)

(2,101)

Recognised in statement of comprehensive income

(147)

247

100

At 31 August 2018

(147)

(1,854)

(2,001)

At 28 February 2019

(495)

(1,607)

(2,102)

Recognised in statement of comprehensive income

(192)

247

55

At 31 August 2019

(687)

(1,360)

(2,047)

Recognition of the deferred tax assets is based upon the expected generation of future taxable profits. The deferred tax asset is expected to be recovered in more than one year's time and the deferred tax liability will reverse in more than one year's time as the intangible assets are amortised.

8 Trade and other receivables

6 months to 31 August 2019

6 months to 31 August 2018

Year to

28 February 2019

£000

£000

£000

Trade receivables

28,012

23,405

14,201

Prepayments

9,560

10,482

5,126

Accrued income

440

1,262

386

Taxes and social security receivable

755

-

2,863

38,767

35,149

22,576

9 Trade and other payables

6 months to 31 August 2019

6 months to 31 August 2018

Year to

28 February 2019

£000

£000

£000

Trade payables

28,708

36,945

33,930

Amounts owed to related party undertakings

-

-

-

Other creditors

2,301

1,242

1,730

Accruals

104,109

77,587

81,930

Provision for liabilities

32,046

13,628

18,912

Deferred income

12,705

6,927

8,453

Taxes and social security payable

11,534

5,719

9,396

191,403

142,048

154,351

10 Share capital

6 months to 31 August 2019

6 months to 31 August 2018

Year to

28 February 2019

£000

£000

£000

At start of period

11,631

11,496

11,496

Share issues

25

106

135

At end of period

11,656

11,602

11,631

Share capital at period end: 1,165,576,196 authorised and fully paid ordinary shares of 1p each (2019: 1,160,160,400).No dividends have been paid or are payable by the parent company for the period ended 31 August 2019 (2019: £nil).

11 Capital commitments

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

6 months to 31 August 2019

6 months to 31 August 2018

Year to

28 February 2019

£000

£000

£000

Property, plant and equipment

9,000

6,870

-

12 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 brands and trading names. 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.

As at 31 August 2019, there are no pending claims or proceedings against the group, which in the opinion of the directors are expected to have a material adverse effect on its liquidity or operations.

Appendices

Growth rates on prior period revenue by region

Revenue by period for the year to 29 February 2020 (FY20)

£'000

3m to 31 May

3m to 31 August

6m to 31 August

FY20

FY19

yoy %

yoy % CER

FY20

FY19

yoy %

yoy %

CER

FY20

FY19

yoy %

yoy %

CER

Total

254,321

183,561

39%

39%

310,545

211,748

47%

47%

564,866

395,309

43%

43%

Revenue by region

UK

140,569

110,738

27%

27%

174,385

123,319

41%

41%

314,954

234,057

35%

35%

ROE

38,252

22,257

72%

71%

49,234

28,993

70%

68%

87,486

51,250

71%

69%

USA

51,336

31,389

64%

66%

59,393

36,782

61%

64%

110,729

68,171

62%

65%

ROW

24,164

19,177

26%

28%

27,533

22,654

22%

23%

51,697

41,831

24%

25%

Revenue by period for the year to 28 February 2019 (FY19)

£'000

4m to 31 December

2m to 28 February

12m to 28 February

FY19

FY18

yoy %

yoy % CER

FY19

FY18

yoy %

yoy %

CER

FY19

FY18

yoy %

yoy %

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%

£'000

3m to 31 May

3m to 31 August

6m to 31 August

FY19

FY18

yoy %

yoy % CER

FY19

FY18

yoy %

yoy %

CER

FY19

FY18

yoy %

yoy %

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%

CER in this appendix for the year ended 28 February 2019 is calculated using exchange rates prevailing during the year ending 28 February 2019. Nomenclature: ROE - rest of Europe; ROW - rest of world; yoy - year-on-year; CER - constant exchange rate

Brand KPIs

boohoo

6 months to

31 August 2019

6 months to

31 August 2018(5)

Change

Active customers(1)

8.4 million

7.0 million

+20%

Number of orders

9.7 million

7.5 million

+29%

Order frequency(2)

2.11

2.07

+2%

Conversion rate to sale (3)

3.3%

3.1%

+19bps

Average order value(4)

£43.41

£40.40

+7%

Number of items per basket

3.30

3.03

+9%

PrettyLittleThing

6 months to

31 August 2019

6 months to

31 August 2018(5)

Change

Active customers(1)

5.7 million

4.0 million

+43%

Number of orders

9.0 million

6.6 million

+36%

Order frequency(2)

2.97

2.83

+5%

Conversion rate to sale (3)

3.6%

3.3%

+26bps

Average order value(4)

£42.15

£40.09

+5%

Number of items per basket

2.96

2.81

+5%

Nasty Gal

6 months to

31 August 2019

6 months to

31 August 2018(5)

Change

Active customers(1)

1.5 million

0.7 million

+112%

Number of orders

1.3 million

0.5 million

+150%

Order frequency(2)

1.55

1.38

+13%

Conversion rate to sale (3)

2.2%

1.9%

+37bps

Average order value(4)

£50.87

£48.77

+4%

Number of items per basket

3.44

2.90

+18%

1. Defined as having shopped in the last 12 months

2. Defined as number of orders in last 12 months divided by number of active customers

3. Defined as the percentage of website orders taken to internet sessions

4. Calculated as gross sales including sales tax divided by the number of orders

5. Prior period numbers restated to include marketplace data

Disclaimer

Boohoo.com plc published this content on 25 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 September 2019 06:17:02 UTC

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Sales 2020 1 185 M
EBIT 2020 91,9 M
Net income 2020 51,2 M
Finance 2020 241 M
Yield 2020 -
P/E ratio 2020 57,3x
P/E ratio 2021 45,2x
EV / Sales2020 2,37x
EV / Sales2021 1,82x
Capitalization 3 046 M
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Technical analysis trends BOOHOO GROUP PLC
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 296,74  GBp
Last Close Price 261,30  GBp
Spread / Highest target 40,8%
Spread / Average Target 13,6%
Spread / Lowest Target -27,3%
EPS Revisions
Managers
NameTitle
John Lyttle Chief Executive Officer & Director
Mahmud Abdullah Kamani Executive Chairman
Neil James Catto Chief Financial Officer & Executive Director
Jo Graham Chief Information Officer
Carol Mary Kane Executive Director
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