Boohoo benefits from online shopping boom in lockdown

Online fashion giant Boohoo has reported a 41 per cent surge in revenues as it benefited from the online shopping boom during lockdown.

Boohoo.
Boohoo.

The retailer said revenues jumped to £1.74bn in the year to February 28 from £1.23bn in the previous year.

It told shareholders on Wednesday morning that pre-tax profits lifted by 35 per cent to £124.7m as it was boosted by the sales increase.

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John Lyttle, chief executive officer of Boohoo said: "Full-year 2021 has been a year of significant investment for the group as we build a platform for the future and I am very pleased to report a strong financial performance.

"We completed over £250m of acquisitions in the period, which included Oasis, Warehouse, Debenhams, Dorothy Perkins, Burton and Wallis, as well as the purchase of the remaining minority interest in PrettyLittleThing in a transaction that, to date, has resulted in substantial earnings enhancement for the group's shareholders.

"Our newly-acquired brands are being re-energised and made relevant for today's consumer across a broader market demographic.

"We are very excited about their potential and are already seeing the early rewards from their growth."

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James Mitchinson