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

BOOHOO GROUP PLC

(BOO)
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Correction: Interim Results

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09/27/2018 | 01:27pm EST

For Immediate Release 27 September 2018

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 CORRECTION: INTERIM RESULTS

CORRECTION: This replaces RNS number 9211B released at 7.00am on 26 September 2018. There was an error in the allocation of costs between distribution costs and administrative expenses. All profit and earnings measures are unaffected. Within the Statement of Comprehensive Income distribution costs of £91,840,000 should read £97,772,000 (an increase of £5,932,000), and administrative expenses of £100,434,000 should read £94,502,000 (a decrease of £5,932,000). These changes are also reflected within Note 3, Segmental Analysis.

boohoo group plc - interim results for the six months to 31 August 2018

'Leading the fashion eCommerce market'

6 months to 31 August 2018

6 months to 31 August 2017

Change

£ million

£ million

Revenue

395.3

262.9

+50%

Gross profit

218.6

140.2

+56%

Gross margin

55.3%

53.3%

+200bps

Adjusted EBITDA(1)

39.6

27.8

+43%

% of revenue

10.0%

10.6%

-60bps

Adjusted EBIT(2)

35.3

24.8

+42%

% of revenue

8.9%

9.4%

-50bps

Adjusted profit before tax(3)

35.8

25.1

+43%

Profit before tax

24.7

20.3

+22%

Adjusted diluted earnings per share(4)

1.99p

1.52p

+31%

Diluted earnings per share

1.39p

1.22p

+14%

Net cash(5) at period end

155.6

119.2

+£36.4 m

Highlights

Group

· Revenue £395.3 million, up 50% (49% CER(6))

· Strong revenue growth across all geographies (UK: +43%; international: +62%). International now 41% of group revenue

· Strong balance sheet with net cash of £155.6 million (2018: £119.2 million) with robust operating cash flow of £55.7 million (2018: £33.0 million) and free cash flow of £24.5m (+93%)

· Distribution capabilities enhanced: PrettyLittleThing warehouse relocation completed; and automation of Burnley site to drive future efficiency is on schedule

boohoo

· Revenue £209.0 million, up 15% with market share gains in all focus markets

· Gross margin 53.4%, up 110bps; retail gross margin 56.0%, up 160bps

· 6.7 million active customers(7), up 15% on prior year

· Market share and brand awareness increasing, supported by proposition investments

· Next phase of fit-out and automation of distribution centre in Burnley on schedule for utilisation in 2019

PrettyLittleThing

· Revenue £168.6 million, up 132%

· Gross margin 57.3%, up 250bps; retail gross margin 59.0%, up 200bps

· 4.0 million active customers, up 99%

· Outstanding growth of market share and revenue in all markets

· Successful relocation of distribution centre to Sheffield with significant capacity that can service the brand's growth

Nasty Gal

· Revenue £17.7 million, up 111%

· Gross margin 59.0%, down 480bps driven by refinements to the customer proposition

· 0.6 million active customers, up 313%

· Strong revenue growth in the USA and international markets

Guidance

Group revenue growth for the year to 28 February 2019 is expected to be 38% to 43%, up from our previous guidance of 35% to 40%, with adjusted EBITDA margin between 9% and 10%. We reiterate our medium term guidance to deliver sales growth of at least 25% per annum and EBITDA margin of 10%.

Mahmud Kamani and Carol Kane, joint CEOs, commented:

'Our group results for the first half year show yet another strong performance, delivering record sales and profits. All of our brands performed extremely well across all territories as we continue to gain market share. We achieved market-leading growth in all markets, with Rest of Europe and the USA being particularly pleasing. Growth in the UK, our largest market, remains very strong.

We successfully executed a major relocation of the distribution centre for PrettyLittleThing, which represents a key milestone as we develop a distribution network capable of generating £3 billion of net sales globally, in line with our vision to lead the fashion eCommerce market. This relocation was carried out with a low level of disruption to the operations of PrettyLittleThing and is a credit to the project team. Our extended distribution centre in Burnley, which will have a significant element of automation to drive efficiency savings, is scheduled for operational use in 2019.'

Investor and Analyst Meeting

A meeting for analysts will be held at 9.30am on 26 September 2018 at the offices of Buchanan, 107 Cheapside, London, EC2V 6DN. boohoo group plc's interim results 2019 are available at www.boohooplc.com.

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

http://webcasting.buchanan.uk.com/broadcast/5b5882ccd3653708d12fdadf

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 Hoare Govett - Joint broker

Nick Adams/Max Jones

Tel: +44 (0)20 7029 8000

Buchanan - Financial PR adviser

boohoo@buchanan.uk.com

Richard Oldworth/ Sophie Wills, Maddie Seacombe/ Gemma Mostyn-Owen

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 PrettyLittleThing and Nasty Gal intangible assets and exceptional items.

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

(4) Adjusted diluted earnings per share is calculated as diluted earnings per share, adding back amortisation of acquired PrettyLittleThing and Nasty Gal 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, 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 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. 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 11 million customer accounts across all its brands around the world.

Cautionary Statement

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

Review of the business

Group overview

Group revenue for the half year increased by 50% (49% CER) on the first half of the previous year to £395.3 million (2018: £262.9 million). Revenue growth across all territories and brands was strong.

Adjusted EBITDA was £39.6 million (2018: £27.8 million), an increase of 43% on the first half of the previous year, with planned investments in the customer proposition and marketing across the group leading to an adjusted EBITDA margin of 10.0% (2018: 10.6%). Adjusted profit before tax was £35.8 million (2018: £25.1 million), an increase of 43%. Profit before tax was £24.7 million (2018: £20.3 million), an increase of 22%. Adjusted diluted earnings per share was 1.99p, up 31% on the prior half year. Basic earnings per share rose to 1.42p, an increase of 14% (2018: 1.25p).

In the first half year, the group has again achieved outstanding growth with profitability in line with guidance. All of our brands have performed extremely well and the exceptional growth of PrettyLittleThing continues. The group has achieved gains in market share across its key focus territories and brand awareness has heightened through successful celebrity associations and influencer campaigns. The customer proposition has been refined, with faster delivery times, more delivery options, new payment methods and quicker refunds. Gross margin has improved as a result of stronger sell through, tighter control on stock cover and refinement of the customer proposition.

Cash flow generation was strong, with free cash flow up 93% to £24.5m. Capital expenditure was £31.2 million as we invest in our infrastructure ahead of our growth curve. Our net cash balance at the period end increased to £155.6 million (2018: £119.2 million).

Distribution centres

The construction of our latest distribution centre extension at Burnley is now complete and fit-out is underway with completion scheduled for 2019. Automation is a key component of the fit-out which will greatly improve picking efficiency. In addition to the new welfare facilities open to all employees, we now provide a bus service to the Burnley distribution centre from nearby towns. PrettyLittleThing's distribution centre relocation to Sheffield was completed successfully during July and August. Exceptional dual running expenses incurred during this period amounted to £6.4 million. The addition of the Sheffield facility greatly increases our sales capacity, will help underpin PLT's infrastructure needs and adds further operational flexibility for the group as we continue to invest in our future distribution network capable of generating £3 billion of net sales globally.

boohoo (including boohooMAN)

Performance

Revenue for the half year increased to £209.0 million, up 15% on the first half of the previous year, with growth in all our key focus markets.

International growth continues to be strong, especially in northern Europe, where we are rapidly gaining market share, whilst both UK and international growth accelerated in the second quarter alongside an improved gross margin performance. Gross margin increased by 110bps to 53.4%, driven by improved stock control and refinement of the customer proposition.

Product

New product introductions and comprehensive size range offerings have continued to drive growth. boohooMAN has performed strongly with an ever-extending product range and increasing customer reach. Our offering changes daily, with hundreds of new styles added and the very latest fashions appearing within days or weeks of trends being spotted by our fashion experts and offered to our customers at affordable prices. The breadth of the range makes boohoo a destination to which customers keep returning to find their desired items with ease.

Marketing

Marketing activity in the first half year included several high profile celebrity campaigns: Zendaya, Stefflon Don, French Montana, Dele Alli and Paris Hilton headed the cast and were instrumental in driving increased brand awareness. Other activities continued using a successful formula of a mix of media, including social media influencers, bloggers, TV, outdoor, email, student events and digital acquisition channels. Our social media presence continues to grow and we now have 5.0 million followers on Instagram, 2.9 million Facebook fans and 0.5 million followers on Twitter. We have opened marketing offices in Paris and Los Angeles, which will provide local knowledge and focal points for future campaigns and marketing initiatives as we continue to drive awareness of the boohoo brand worldwide.

Customer interaction

Active customer numbers over the last 12 months increased by 15% to 6.7 million. Conversion rate to sale decreased from 4.5% to 4.1% of sessions, when measured on website statistics alone. Order frequency increased 2%, with customers placing an order with us, on average, 2.15 times in 12 months, whilst the number of items per basket decreased 4% to 3.06.

We have continued to refine the customer proposition with free returns, next day delivery and collection points available in more overseas markets. In the UK, the cut-off time for next day delivery has been extended to 11pm and 12pm for next day evening delivery. SMS messaging has been introduced in the UK to keep customers informed of delivery status and we are trialling artificial intelligence in customer contact response. We have 17 country-specific websites and have plans to introduce more foreign language websites and more payment options in overseas markets during the year, in line with our aim to attain best-in-class customer service.

Technology

The principal technology projects completed in the first half year include new payment solutions and more country returns portals, which give more returns flexibility and enable us to refund customers immediately after the courier collects their parcel. We have also introduced social logins for UK customers. Projects underway include a new app with increased functionality and the warehouse automation project, which will drive significant efficiencies.

PrettyLittleThing

Performance

PrettyLittleThing ('PLT') again achieved outstanding revenue growth of 132% over the first half of the previous year, despite some disruption to sales during the warehouse relocation. Growth across all territories was strong. Increased costs of working were incurred whilst the warehouse was relocated, which have been classified as exceptional within distribution costs and administrative expenses, and amount to £6.4 million. These comprise the extra costs of operating two sites in the pre go-live and migration periods, dual shipping of customer orders, physically moving stock between the two sites and increased customer service costs to deal with queries during the migration period. Gross margin has increased to 57.3% (2018: 54.8%), with stronger sell-through and refinements to the customer proposition.

Product

PLT brings the latest and most relevant celebrity looks at affordable prices to our customers, with a choice of over 13,000 styles and new items available daily. Our product range has continued to expand during the first half of the year with strong growth being seen in the 'shape' ranges including Petite, Curve and Plus. During the first half year we continued to bring the latest celebrity looks to customers including collaborations with UK Radio presenter, Maya Jama, and American Hip-Hop stylist, Karl Kani.

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 Maya Jama, Karl Kani and the recently-announced collaboration with Ashley Graham, one of America's most successful models, all of which help the brand reach its target audience.

Customer interaction

We now 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 also introduced new returns options in international markets, accelerating the point of refund to enhance the customer experience.

Active customer numbers over the last 12 months increased by 99% to 4.0 million. We have 1.4 million followers on Facebook (an increase of 40% in 12 months), 0.2 million followers on Twitter, 6.3 million Instagram followers (an increase of 200% in 12 months), as well as a presence on several other social media channels.

Technology

PLT operates iOS and android apps for the UK and US markets and the apps have been developed throughout the period to improve the customer experience and conversion rates. There have been continuous improvements to the performance and user experience of all customer-facing websites, with key highlights being the introduction of a new 'Contact Us' page to more effectively manage customer queries and enhance product information. We regularly review payment options offered to customers, adding new methods pertinent to each market.

Nasty Gal

Performance

Revenue growth across all territories has been very strong at 111%. The USA is the largest market for the brand and revenue growth there remains robust. The brand continues to see strong growth outside the US, albeit from a low base. Gross margin at 59.0% (2018: 63.8%) has remained at a pleasing level as the customer proposition is refined in each territory. Conversion and the number of items per basket have also risen.

Product

Our product range continues to broaden and targets price points higher than those of boohoo. The brand has its roots in Los Angeles and portrays a distinctive look for the confident girl who like to express her personality through the clothes she wears. Now, with over 6,000 styles in stock, the brand's appeal is rising and reaching a larger audience.

Marketing

The marketing strategy has focussed on building and extending the number of bloggers and influencers and staging key media events to re-engage customer interest and promote brand loyalty.

Customer interaction

Nasty Gal has six country and regional websites, developed since start-up in March 2017 and Android and iOS apps for the UK, US and the Australian markets.

On social media we have 2.8 million followers on Instagram, 1.2 million Facebook likes and 0.2 million followers on Twitter.

Financial review

Group revenue by brand

6 months to

31 August 2018

6 months to

31 August 2017

Change

Change

£000

£000

CR

boohoo

209,006

181,824

+15%

+13%

PrettyLittleThing

168,612

72,675

+132%

+134%

Nasty Gal

17,691

8,376

+111%

+118%

395,309

262,875

+50%

+49%

Group revenue by geographical market

6 months to

31 August 2018

6 months to

31 August 2017

Change

Change

£000

£000

CER

UK

234,057

163,381

+43%

+43%

Rest of Europe

51,250

27,791

+84%

+72%

USA

68,171

39,596

+72%

+74%

Rest of world

41,831

32,107

+30%

+27%

395,309

262,875

+50%

+49%

KPIs

boohoo

6 months to

31 August 2018

6 months to

31 August 2017

Change

Active customers(1)

6.7 million

5.8 million

+15%

Number of orders

7.2 million

6.4 million

+13%

Order frequency(2)

2.15

2.11

+2%

Conversion rate to sale (3)

4.1%

4.5%

-40bps

Average order value(4)

£40.56

£39.92

+2%

Number of items per basket

3.06

3.17

-4%

PrettyLittleThing

6 months to

31 August 2018

6 months to

31 August 2017

Change

Active customers(1)

4.0 million

2.0 million

+99%

Number of orders

6.5 million

2.9 million

+127%

Order frequency(2)

2.77

2.24(5)

+24%

Conversion rate to sale (3)

3.2%

3.5%(5)

-30bps

Average order value(4)

£39.39

£36.68(5)

+7%

Number of items per basket

2.83

2.51(5)

+13%

Nasty Gal

6 months to

31 August 2018

6 months to

31 August 2017

Change

Active customers(1)

0.6 million

0.2 million

+313%

Number of orders

0.5 million

0.2 million

+163%

Order frequency(2)

1.45

1.24

+17%

Conversion rate to sale (3)

2.3%

1.2%

+110bps

Average order value(4)

£50.27

£55.46

-9%

Number of items per basket

3.01

2.77

+9%

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 orders taken to internet sessions

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

5. PLT prior period numbers restated using corrected data and website only sessions

Consolidated summary income statement

6 months to

31 August 2018

6 months to

31 August 2017

Change

£000

£000

Revenue

395,309

262,875

+50%

Cost of sales

(176,732)

(122,643)

Gross profit

218,577

140,232

+56%

Gross margin

55.3%

53.3%

200 bps

Operating costs

(179,121)

(112,534)

Other income

120

53

Adjusted EBITDA

39,576

27,751

+43%

Adjusted EBITDA margin %

10.0%

10.6%

-60 bps

Depreciation

(3,090)

(1,715)

Amortisation of other intangible assets

(1,163)

(1,242)

Adjusted EBIT

35,323

24,794

+42%

Adjusting items:

Amortisation of acquired PrettyLittleThing and Nasty Gal intangible assets

(2,224)

(2,224)

Equity-settled share-based payment charges

(2,464)

(2,557)

Exceptional costs - warehouse relocation

(6,436)

-

Operating profit

24,199

20,013

+21%

Finance income

577

347

Finance expense

(79)

(78)

Profit before tax

24,697

20,282

+22%

Tax

(4,867)

(4,698)

Profit after tax for the period

19,830

15,584

+27%

Diluted earnings per share

1.39p

1.22p

+14%

Adjusted profit after tax for the period

28,872

19,486

+48%

Amortisation of acquired PrettyLittleThing and Nasty Gal intangible assets

(2,224)

(2,224)

Share-based payment charges

(2,464)

(2,557)

Exceptional costs - warehouse relocation

(6,436)

-

Adjustment for tax

2,082

879

Profit after tax for the period

19,830

15,584

Adjusted profit for the period attributable to shareholders of the company

23,361

17,658

+32%

Adjusted diluted earnings per share

1.99p

1.52p

+31%

Exceptional costs

Exceptional costs include the cost of relocating PrettyLittleThing's inventory from Burnley to a new distribution centre at Sheffield, including the element of dual running costs and additional carriage for split orders despatched from two sites.

Taxation

The effective rate of tax for the half-year was 19.7% (2018: 23.2%), which is more than the blended UK statutory rate of tax for the year of 19.0% due to disallowable items, principally share-based payment charges in PrettyLittleThing.com Limited.

Earnings per share

Basic earnings per share increased by 14% from 1.25p to 1.42p. Adjusted diluted earnings per share was 1.99p, up 31% on the prior year first half year.

Consolidated statement of financial position

6 months to

31 August 2018

6 months to

31 August 2017

£000

£000

Intangible assets

29,074

33,385

Property, plant and equipment

98,505

49,116

Financial assets

585

175

Deferred tax asset

4,153

6,861

Non-current assets

132,317

89,537

Working capital

(53,597)

(17,068)

Net financial liabilities

(1,895)

(11,513)

Cash and cash equivalents

163,889

129,910

Interest bearing loans and borrowings

(8,337)

(10,719)

Deferred tax liability

(2,001)

(2,348)

Current tax liability

(4,707)

(5,738)

Net assets

225,669

172,061

Liquidity and financial resources

Free cash flow was £24.5 million compared to £12.8 million in the previous financial half-year. Capital expenditure was £31.2 million, which includes the following investments: IT £2.6 million, offices £4.9 million and distribution centre £23.7 million. The closing cash balance for the group was £163.9 million and the net cash balance, after deducting bank loans, was £155.6 million.

Consolidated cash flow statement

6 months to

31 August 2018

6 months to

31 August 2017

£000

£000

Profit for the period

19,830

15,584

Depreciation charges and amortisation

6,477

5,181

Share-based payments charge

2,464

2,557

Tax expense

4,867

4,698

Finance income

(577)

(347)

Finance expense

79

78

Increase in inventories

(5,054)

(19,295)

Increase in trade and other receivables

(17,569)

(5,218)

Increase in trade and other payables

45,216

29,729

Operating cash flow

55,733

32,967

Capital expenditure and intangible asset purchases

(31,185)

(20,217)

Free cash flow

24,548

12,750

Proceeds from the issue of ordinary shares

2,087

50,944

Finance income received

495

253

Finance expense paid

(79)

(78)

Tax paid

(4,546)

(3,098)

Repayment of borrowings

(1,191)

(1,191)

Net cash flow

21,314

59,580

Cash and cash equivalents at beginning of period

142,575

70,330

Cash and cash equivalents at end of period

163,889

129,910

Outlook

We continue to maintain a highly positive outlook for on-line fashion globally. The group's multi-brand approach appeas to a wide 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 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.

Group revenue growth for the year to 28 February 2019 is expected to be 38% to 43%, up from our previous guidance of 35% to 40%, with adjusted EBITDA margin between 9% and 10%. We reiterate our medium term guidance to deliver sales growth of at least 25% per annum and EBITDA margin of 10%.

Mahmud Kamani

Carol Kane

Neil Catto

Joint Chief Executive

Joint Chief Executive

Chief Financial Officer

26 September 2018

Unaudited consolidated statement of comprehensive income

for the period ended 31 August 2018

Note

6 months to

31 August

2018

6 months to

31 August

2017

Year to 28 February

2018

(unaudited)

(unaudited)

(audited)

£000

£000

£000

Revenue

3

395,309

262,875

579,800

Cost of sales

(176,732)

(122,643)

(273,445)

Gross profit

218,577

140,232

306,355

Distribution costs

(97,772)

(56,002)

(126,757)

Exceptional distribution costs

(5,932)

-

-

Other distribution costs

(91,840)

(56,002)

(126,757)

Administrative expenses

(94,502)

(62,046)

(132,623)

Exceptional administrative expenses

(504)

-

-

Other administrative expenses

(93,998)

(62,046)

(132,623)

Amortisation of acquired intangibles

(2,224)

(2,224)

(4,449)

Other income

4

120

53

159

Operating profit

24,199

20,013

42,685

Finance income

577

347

774

Finance expense

(79)

(78)

(146)

Profit before tax

5

24,697

20,282

43,313

Taxation

(4,867)

(4,698)

(7,313)

Profit for the period

19,830

15,584

36,000

Profit for the period attributable to:

Owners of the parent company

16,309

14,146

31,652

Non-controlling interests

3,521

1,438

4,348

19,830

15,584

36,000

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

(Gain)/loss reclassified to profit and loss during the year

(1,518)

4,978

6,516

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

(7,703)

(4,729)

12,981

Total comprehensive income for the period

10,609

15,833

55,497

Total comprehensive income attributable to:

Equity attributable to owners of the parent company

7,088

14,395

51,149

Non-controlling interests

3,521

1,438

4,348

Total equity

10,609

15,833

55,497

Earnings per share

6

Basic

1.42

1.25p

2.78p

Diluted

1.39

1.22p

2.71p

1. Net fair value gains/losses on cash flow hedges will be reclassified to profit or loss during the two years to 31 August 2020.

Unaudited consolidated statement of financial position

at 31 August 2018

Note

6 months to 31 August 2018

6 months to 31 August 2017

Year to 28 February

2018

(unaudited)

(unaudited)

(audited)

£000

£000

£000

Assets

Non-current assets

Intangible assets

29,074

33,385

30,877

Property, plant and equipment

98,505

49,116

71,994

Financial assets

585

175

2,445

Deferred tax

7

4,153

6,861

6,479

Total non-current assets

132,317

89,537

111,795

Current assets

Inventories

53,302

53,465

48,248

Trade and other receivables

8

35,149

17,258

17,499

Financial assets

1,871

1,123

6,770

Cash and cash equivalents

163,889

129,910

142,575

Total current assets

254,211

201,756

215,092

Total assets

386,528

291,293

326,887

Liabilities

Current liabilities

Trade and other payables

9

(142,048)

(87,791)

(96,670)

Interest bearing loans and borrowings

(2,382)

(2,382)

(2,382)

Financial liabilities

(1,605)

(8,576)

(837)

Current tax liability

(4,707)

(5,738)

(4,505)

Total current liabilities

(150,742)

(104,487)

(104,394)

Non-current liabilities

Interest bearing loans and borrowings

(5,955)

(8,337)

(7,146)

Financial liabilities

(2,161)

(4,060)

(467)

Deferred tax

7

(2,001)

(2,348)

(2,101)

Total liabilities

(160,859)

(119,232)

(114,108)

Net assets

225,669

172,061

212,779

Equity

Share capital

10

11,602

11,494

11,496

Share premium

604,555

601,994

602,578

Capital redemption reserve

100

100

100

Hedging reserve

(1,310)

(11,337)

7,911

EBT reserve

(347)

(352)

(351)

Translation reserve

6

(4)

168

Reconstruction reserve

(515,282)

(515,282)

(515,282)

Non-controlling interests

12,551

5,416

8,761

Retained earnings

113,794

80,032

97,398

Total equity

225,669

172,061

212,779

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 1 March 2018

11,496

602,578

100

7,911

(351)

168

(515,282)

8,761

97,398

212,779

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 payment charge

-

-

-

-

-

-

-

-

(2,108)

(2,108)

Profit for the period

-

-

-

-

-

-

-

3,521

16,309

19,830

Translation of foreign operations

-

-

-

-

-

(162)

-

-

-

(162)

Gain reclassified to profit and loss

-

-

-

(1,518)

-

-

-

-

-

(1,518)

Fair value loss on cash flow hedges during the year

-

-

-

(7,703)

-

-

-

-

-

(7,703)

Balance at 31 August 2018

11,602

604,555

100

(1,310)

(347)

6

(515,282)

12,551

113,794

225,669

Balance at 1 March 2017

11,233

551,720

100

(11,586)

(761)

5

(515,282)

3,978

61,089

100,496

Issue of shares

261

50,683

-

-

-

-

-

-

-

50,944

Issue of shares by EBT

-

(409)

-

-

409

-

-

-

-

-

Share-based payments credit

-

-

-

-

-

-

-

-

2,557

2,557

Excess deferred tax on share-based payment charge

-

-

-

-

-

-

-

-

2,240

2,240

Profit for the period

-

-

-

-

-

-

-

1,438

14,146

15,584

Translation of foreign operations

-

-

-

-

-

(9)

-

-

-

(9)

Loss reclassified to profit and loss

-

-

-

4,978

-

-

-

-

-

4,978

Fair value loss on cash flow hedges during the year

-

-

-

(4,729)

-

-

-

-

-

(4,729)

Balance at 31 August 2017

11,494

601,994

100

(11,337)

(352)

(4)

(515,282)

5,416

80,032

172,061

Balance at 28 February 2017

11,233

551,720

100

(11,586)

(761)

5

(515,282)

3,978

61,089

100,496

Issue of shares

263

50,858

-

-

410

-

-

-

-

51,531

Share-based payments credit

-

-

-

-

-

-

-

435

2,834

3,269

Excess deferred tax on share-based payments

-

-

-

-

-

-

-

-

1,823

1,823

Profit for the year

-

-

-

-

-

-

-

4,348

31,652

36,000

Translation of foreign operations

-

-

-

-

-

163

-

-

-

163

Loss reclassified to profit and loss

-

-

-

6,516

-

-

-

-

-

6,516

Fair value gain on cash flow hedges during the year

-

-

-

12,981

-

-

-

-

-

12,981

Balance at 28 February 2018

11,496

602,578

100

7,911

(351)

168

(515,282)

8,761

97,398

212,779

Unaudited consolidated cash flow statement

for the period ended 31 August 2018

Note

6 months to 31 August 2018

6 months to 31 August 2017

Year to 28 February 2018

(unaudited)

(unaudited)

(audited)

£000

£000

£000

Cash flows from operating activities

Profit for the period

19,830

15,584

36,000

Adjustments for:

Share-based payments charge

2,464

2,557

3,269

Depreciation charges and amortisation

6,477

5,181

10,978

Finance income

(577)

(347)

(774)

Finance expense

79

78

146

Tax expense

4,867

4,698

7,313

33,140

27,751

56,932

Increase in inventories

(5,054)

(19,295)

(14,078)

Increase in trade and other receivables

8

(17,569)

(5,218)

(5,393)

Increase in trade and other payables

9

45,216

29,729

38,780

Cash generated from operations

55,733

32,967

76,241

Tax paid

(4,546)

(3,098)

(7,227)

Net cash generated from operating activities

51,187

29,869

69,014

Cash flows from investing activities

Acquisition of intangible assets

(1,584)

(1,405)

(2,412)

Acquisition of property, plant and equipment

(29,601)

(18,812)

(43,972)

Finance income received

495

253

612

Net cash used in investing activities

(30,690)

(19,964)

(45,772)

Cash flows from financing activities

Proceeds from the issue of ordinary shares

2,087

51,694

52,281

Share issue costs written off to share premium

-

(750)

(750)

Finance expense paid

(79)

(78)

(146)

Repayment of borrowings

(1,191)

(1,191)

(2,382)

Net cash generated from financing activities

817

49,675

49,003

Increase in cash and cash equivalents

21,314

59,580

72,245

Cash and cash equivalents at beginning of period

142,575

70,330

70,330

Cash and cash equivalents at end of period

163,889

129,910

142,575

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 ended 31 August 2018 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 2018, 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 2018 has been filed with the Jersey Companies Registry. The auditors' reports on those accounts was 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 25 September 2018.

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 2018. IFRS 9, 'Financial instruments', is effective for the current accounting period, but will not have an effect on the accounts as foreign currency hedging contracts will continue to be accounted for as hedges under the standard. IFRS 15, 'Revenue from contracts with customers', is effective for the current accounting period, but will not have an effect on the accounts, as revenue from online sales is already recognised when the customer is estimated to have received the goods and revenue from annual delivery service is already spread over the period of the service. IFRS 16, 'Leases', is effective for accounting periods commencing 1 January 2019 and will have an effect in the accounts for the year ended 29 February 2020. Taking account of leases that exist at 31 August 2018, the effect is expected to be an increase in assets and liabilities of £5 million, additional depreciation charges and interest charges in the first year of application of the standard of £1 million and £0.1 million respectively per annum and a reduction on operating expenses of £1.1 million. The accounting treatment for elements of the cost of third party logistics service for PLT is under review with respect to IFRS 16.

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 28 February 2019 to be unchanged from those set out in the group's Annual Report and Accounts for the year ended 28 February 2018, 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 22 to 24 of the group's Annual Report and Accounts for the year ended 28 February 2018, a copy of which is available on the group's website, www.boohooplc.com. In addition, the group is closely monitoring the potential impacts of the UK's leaving the EU.

3 Segmental analysis

6 months ended 31 August 2018

boohoo

PrettyLittleThing

Nasty Gal

Total

£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)

(46,534)

(4,567)

(97,772)

Segment result

64,867

50,065

5,873

120,805

Administrative expenses

-

-

-

(96,726)

Other income

-

-

-

120

Operating profit

-

-

-

24,199

Finance income

-

-

-

577

Finance expense

(79)

Profit before tax

-

-

-

24,697

6 months ended 31 August 2017

boohoo

PrettyLittleThing

Nasty Gal

Total

£000

£000

£000

£000

Revenue

181,824

72,675

8,376

262,875

Cost of sales

(86,751)

(32,859)

(3,033)

(122,643)

Gross profit

95,073

39,816

5,343

140,232

Distribution costs

(38,514)

(15,636)

(1,852)

(56,002)

Segment result

56,559

24,180

3,491

84,230

Administrative expenses

-

-

-

(64,270)

Other income

-

-

-

53

Operating profit

-

-

-

20,013

Finance income

-

-

-

347

Finance expense

-

-

-

(78)

Profit before tax

-

-

-

20,360

Year ended 28 February 2018

boohoo

PrettyLittleThing

Nasty Gal

Total

£000

£000

£000

£000

Revenue

374,115

181,269

24,416

579,800

Cost of sales

(182,394)

(81,175)

(9,876)

(273,445)

Gross profit

191,721

100,094

14,540

306,355

Distribution costs

(80,417)

(40,661)

(5,679)

(126,757)

Segment result

111,304

59,433

8,861

179,598

Administrative expenses

-

-

-

(137,072)

Other income

-

-

-

159

Operating profit

-

-

-

42,685

Finance income

-

-

-

774

Finance expense

-

-

-

(146)

Profit before tax

-

-

-

43,313

Revenue by geographic region

6 months to 31 August 2018

6 months to 31 August 2017

Year to

28 February 2018

£000

£000

£00

UK

234,057

163,381

355,614

Rest of Europe

51,250

27,791

66,281

USA

68,171

39,596

92,690

Rest of world

41,831

32,107

65,215

395,309

262,875

579,800

4 Other income

6 months to 31 August 2018

6 months to 31 August 2017

Year to

28 February 2018

£000

£000

£000

Rental income

120

53

159

5 Profit before tax

Profit before tax is stated after charging:

6 months to 31 August 2018

6 months to 31 August 2017

Year to

28 February 2018

£000

£000

£000

Operating lease rentals for buildings

988

523

1,509

Equity-settled share-based payment charges

2,464

2,557

3,269

Depreciation of property, plant and equipment

3,090

1,715

3,997

Amortisation of intangible assets

1,163

1,242

2,532

Amortisation of acquired intangible assets

2,224

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 2018

6 months to 31 August 2017

Year to 28 February 2018

Weighted average shares in issue for basic earnings per share

1,149,311,146

1,132,106,923

1,138,722,751

Dilutive share options

24,897,209

26,154,173

27,108,839

Weighted average shares in issue for diluted earnings per share

1,174,208,355

1,158,261,096

1,165,831,590

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

16,309

14,146

31,652

Basic earnings per share

1.42p

1.25p

2.78p

Diluted earnings per share

1.39p

1.22p

2.71p

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

16,309

14,146

31,652

Adjusting items:

Amortisation of intangible assets arising on acquisitions

2,224

2,224

4,449

Share-based payment charges

2,464

2,557

3,269

Exceptional costs - warehouse relocation

6,436

-

-

Adjustment for tax

(2,082)

(879)

(1,408)

Adjustment for non-controlling interests

(1,990)

(390)

(352)

Adjusted earnings

23,361

17,658

37,610

Adjusted basic earnings per share

2.03p

1.56p

3.30p

Adjusted diluted earnings per share

1.99p

1.52p

3.23p

7 Deferred tax

Assets

Depreciation in excess of capital allowances

Share-based payments

Total

£000

£000

£000

At 1 March 2017

232

4,262

4,494

At 1 September 2017

188

6,673

6,861

At 1 March 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

Liabilities

Capital allowances in excess of depreciation

Business combinations

Total

£000

£000

£000

At 1 March 2017

-

(2,597)

(2,597)

At 1 September 2017

-

(2,348)

(2,348)

At 1 March 2018

-

(2,101)

(2,101)

Recognised in statement of comprehensive income

(147)

247

100

At 31 August 2018

(147)

(1,854)

(2,001)

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 2018

6 months to 31 August 2017

Year to

28 February 2018

£000

£000

£000

Trade receivables

23,405

14,761

13,381

Prepayments

10,482

2,355

3,658

Accrued income

1,262

142

460

35,149

17,258

17,499

9 Trade and other payables

6 months to 31 August 2018

6 months to 31 August 2017

Year to

28 February 2018

£000

£000

£000

Trade payables

36,945

29,545

34,203

Amounts owed to related party undertakings

-

1

31

Other creditors

1,242

2,585

1,084

Accruals

91,215

43,543

50,399

Deferred income

6,927

8,189

5,556

Taxes and social security payable

5,719

3,928

5,397

142,048

87,791

96,670

10 Share capital

6 months to 31 August 2018

6 months to 31 August 2017

Year to

28 February 2018

£000

£000

£000

At start of period

11,496

11,233

11,233

Share issues

106

261

263

At end of period

11,602

11,494

11,496

Share capital at period end: 1,160,160,400 authorised and fully paid ordinary shares of 1p each (2018: 1,149,419,722).No dividends have been paid or are payable for the period ended 31 August 2018 (2018: £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 2018

6 months to 31 August 2017

Year to

28 February 2018

£000

£000

£000

Property, plant and equipment

6,870

17,449

27,999

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 2018, 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.

Appendix - growth rates on prior period revenue by region

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

£'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%

Revenue by period for the year to 28 February 2018 (FY18)

£'000

4m to 31 December

2m to 28 February

12m to 28 February

FY18

FY17

yoy %

yoy % CER

FY18

FY17

yoy %

yoy %

CER

FY18

FY17

yoy %

yoy %

CER

Total

228,215

114,294

100%

93%

88,710

53,025

67%

65%

579,800

294,635

97%

92%

Revenue by region

UK

135,642

65,465

107%

107%

56,592

34,820

63%

63%

355,614

181,981

95%

95%

ROE

28,232

13,963

102%

76%

10,258

6,059

69%

54%

66,281

34,735

91%

73%

USA

39,618

19,299

105%

102%

13,475

5,910

128%

133%

92,690

40,435

129%

122%

ROW

24,723

15,567

59%

46%

8,385

6,236

34%

29%

65,215

37,484

74%

64%

£'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

Total

120,077

58,222

106%

98%

142,798

69,094

107%

104%

262,875

127,316

106%

101%

Revenue by region

UK

74,532

37,396

99%

99%

88,849

44,300

101%

101%

163,381

81,696

100%

100%

ROE

12,220

6,938

76%

61%

15,571

7,775

100%

92%

27,791

14,713

89%

77%

USA

17,906

6,385

180%

155%

21,690

8,841

145%

136%

39,596

15,226

160%

145%

ROW

15,419

7,503

105%

80%

16,688

8,178

104%

98%

32,107

15,681

105%

89%

CER in this appendix for the year ended 28 February 2018 is calculated using exchange rates prevailing during the year ending 28 February 2018. Nomenclature: ROE - rest of Europe; ROW - rest of world; yoy - year-on-year; CER - constant exchange rate

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Boohoo.com plc published this content on 27 September 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 September 2018 17:26:07 UTC

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Technical analysis trends BOOHOO GROUP PLC
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John Lyttle Chief Executive Officer & Director
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