boohoo results provide confidence

AIM-listed online clothes retailer boohoo (LON:BOO) watched its share price rise by 6.89% after announcing a 54% rise in pre-tax profits for the year ended 29th February. Revenues for the period were up 44% with particularly strong growth in international markets. Management said that trading has been mixed since the middle of March, but sales have begun to recover more recently. However, the company still believes it is not appropriate to provide guidance for the current financial year under current conditions.

CEO John Lyttle commented: “Whilst recent events have understandably overshadowed what has been a great year for boohoo, they have also highlighted its key strengths. Our business is founded on our ability to be agile and flexible and it is at times like this when these abilities are tested, and I am proud of how our colleagues and business partners from around the world have responded to the challenges posed by this pandemic. Although there is near-term uncertainty in the markets that we operate in, the group is underpinned by its incredibly strong balance sheet and is well-placed to leverage its scalable multi-brand platform and to continue to disrupt fashion markets around the world“.