Boohoo announced a 41 percent rise in annual revenues to £1.7billion on Wednesday
Boohoo, it seems, is unstoppable. The faster-than-fast fashion retailer announced a 41 percent rise in annual revenues to £1.7billion on Wednesday. It’s an extraordinary figure, especially in the wake of a pandemic that has caused so many high street fashion chains to crash into administration (the Boohoo Group went on to acquire several of these heritage British brands, including Warehouse, Debenhams and Karen Millen).
The company attributes its success to sales of athleisure - comfy clothes that are worn as much for relaxing at home as they are for sports. This more than compensated for the fall in demand for occasionwear, they said, when national lockdowns came into effect.
AN ONLINE fashion company and major Lancashire employer has report a large rise in profits. Boohoo, which maintains a large distribution hub on Heasandford Industrial Estate, Widow Hill Road in Burnley, reported a 41 per cent rise in revenues as the firm benefited from the online shopping boom during lockdown. The company told shareholders on Wednesday morning that pre-tax profits lifted by 35 per cent to £124.7 million as it was boosted by the sales increase, while revenues jumped to £1.74 billion in the year to February 28 from £1.23 billion in the previous year. Boohoo chief executive officer John Lyttle 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.
Boohoo Sales Surge On Pivot From Party Dresses To Sweat Pants forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.