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Boohoo profit jumps 51%; upgrades annual revenue, margin guidance

By BFN News | 02:12 PM | Wednesday 30 September, 2020


Online fashion retailer Boohoo reported a 51% jump in first-half profit as sales kept on firing during the pandemic. Pre-tax profit for the six months through June increased to £68.1 million, up from £45.2 million, as revenue surged 45% to £816.5 million. Boohoo also upgraded its revenue guidance for the full year to growth of 28-32%, up from previous guidance of around 25%. Adjusted operating margins were seen at around 10%, up from previous guidance of 9.5-10%. 'The group has made a good start to the second half of the year, with momentum continuing into September,' Boohoo said. 'At this stage we feel it is prudent to continue to plan for a period of economic uncertainty in the second half of the financial year, including possible reduced consumer spending.' 'It is also prudent to plan for return rates returning to normal levels, continued near-term carriage inflation in some of our overseas markets and increased marketing spend likely in the second half.' Capital expenditure was expected to be higher than previously anticipated, in the region of £80 million-to-£100 million. The increased spending reflecting a step-up of investments into automation at its Sheffield facility, further expansion of existing automation at the Burnley facility and significant IT projects to support growth. At 2:12pm: (LON:BOO) Boohoo Group PLC share price was -16.1p at 373.9p Story provided by StockMarketWire.com

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