British online fashion retailer Boohoo Group has seen its profits jump by good numbers in these tough times.
The group saw its profit before tax for the 6 months ended 31 August 2020 rise to a whopping 51 per cent year-on-year to clock £68.1 million.
Notably, the adjusted EBITDA for the group, which owns Nasty Gal and PrettyLittleThing, rose by 48 per cent to touch £89.8 million, compared to what it was during the same period last year.
The revenues too saw a massive surge of 45 per cent to record £816.5 million – all thanks to good performance from all brands across all locations.
While the UK revenue for the fashion retailer rose by 37 per cent for the 6-month period, the international sales jumped by an impressive 55 per cent.
The performance has been quite good and the retailer now hopes to carry on the same performance next year too. The Group expects its revenue to be between 28 and 32 per cent for the year to 28 February 2021.
That’s around 25 per cent up from what was earlier predicted.
Importantly, Boohoo Group closes the 6-month period with a cash balance of £344.9 million, compared to £207.3 million last year.
So finally there’s something to cheer for Boohoo especially after a tough year that was marked by store closures, Leicester scandal and accusations of fake discounts to shoppers.
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Meanwhile Boohoo boss has pledged to clean up the supply chain.
