Revenues skyrocket at boohoo.com following £7.7m investment programme
Online fashion retailer boohoo.com plc has reported a leap in profits and revenues over the 2015/16 financial year, with its operations outside the UK showing the highest levels of growth.
The Manchester-headquartered firm’s pre-tax profits hit £15.67m in the 12 months to February 29, a year-on-year increase of 42%, while its operating profit likewise rose by 42% to reach £15.05m.
boohoo.com’s overall revenues leapt 40% during the year, rising from £139.85m in February 2015 to £195.39m this year.
The 12-month period saw boohoo.com drive growth in its international footprint, with sales outside the UK growing from £27.42m to £42.67m over the course of the year.
The fiscal growth follows a year of increased recruitment activity for boohoo.com, which boosted its administration and distribution workforce by around 220 employees.
Similarly, the firm completed a £7.7m investment programme to expand its existing warehouse space by 270,000 sq ft. boohoo.com now commands around 525,000 sq ft of warehouse space, although bosses have confirmed that work is underway on a scheme to add a further 275,000 sq ft across three new mezzanine floors.
In a statement released today (April 26), boohoo.com’s joint CEOs, Mahmud Kamani and Carol Kane, said: “We are pleased to report a year of strong revenue growth across all geographic regions.
“Active customer numbers, order frequency and conversion have all increased on last year as we continue to invest in building customer lifetime value. By refining the mix of promotional and marketing expenditure in each of our key markets, we have achieved growth ahead of our plans.”
Speaking further, they said that after experiencing an “encouraging start” to the current financial year, boohoo.com is expecting to achieve sales growth of around 25% in the 12 months to February 2017.
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