Boohoo Group plc (LON:BOO) has provided an update for the three and twelve months ended 28 February 2022. The Group has delivered net sales growth in the fourth quarter of 7% (2 Year growth: 48%), and over the full year of 14% (2 Year growth: 61%), in line with guidance. In the fourth quarter, gross sales growth was strong (+26% vs. last year and +57% vs. two years ago). As expected, net sales growth in the quarter was impacted by higher returns rates year on year due to product mix. This is expected to continue in the first half of FY23.
In the UK, the Group continues to deliver a strong trading performance with our leading proposition resonating with customers. International performance continues to be impacted by longer customer delivery times as a result of pandemic-related supply chain pressures. However, in the fourth quarter, the Group saw a return to growth in ROW due to the positive contribution from wholesale.
The Group expects, subject to audit, to report adjusted EBITDA for the financial year ended 28 February 2022 of approximately £125 million, in line with prior guidance issued in December and market expectations (company-compiled consensus adjusted EBITDA for FY22 of £125 million).
John Lyttle, Boohoo Group CEO, commented:
“The Group has delivered strong growth over the last two years, which has translated into significant market share gains. We are confident that pandemic-related headwinds are short-term in their nature, and our focus is to ensure the business is well positioned for growth as these headwinds ease.”
Notice of full year results
The Group intends to publish its full year results for the year ended 28 February 2022 on 4 May 2022.
