Boohoo first-quarter revenues jump 32%

Fast fashion retailer Boohoo reported a jump in first-quarter revenues on Tuesday, thanks in part to strong performances in the UK and US, as it reaffirmed its full-year guidance.

In the three months to the end of May 2021, group revenues rose 32% to £486.1m. UK revenues grew 50% to £274.6m while revenue in the US was up 40% to £131.9m.

The owner of PrettyLittleThing and Karen Millen said it had successfully integrated the Dorothy Perkins, Wallis and Burton brands into its multi-brand platform and launched the new Debenhams digital department store.

Chief executive officer John Lyttle said: "I am delighted with our performance in the first quarter, particularly as it was always going to be challenging to produce strong growth rates on last year, when lockdowns around the globe drove such high traffic to online retailers.

"Our ongoing investment in infrastructure and our platform leaves us well-placed to maximise the opportunities for growth as we build the business for the future."

The group said guidance for the year ending 28 February 2022 remains unchanged, with revenue growth of around 25% and adjusted EBITDA margins expected to be in the region of 9.5-10%.

"Our medium-term guidance for 25% sales growth per annum and a 10% adjusted EBITDA margin remains unchanged, reflecting the board's confidence in the group's prospects as it continues to invest in building for the future," it added.