TIDMBOO
RNS Number : 4447O
boohoo group plc
03 October 2023
For IMMEDIATE release 3 October 2023
The information contained within this announcement is deemed by
the company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of the
domestic law of the United Kingdom by virtue of the European Union
(Withdrawal) Act 2018 (as amended) ("UK MAR"). Upon the publication
of this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
boohoo group plc - results for the 6 months ended 31 August
2023
("boohoo" or "the Group")
In the last six months the Group has made substantial progress,
delivering key operational and strategic projects and an
improvement in adjusted EBITDA margin. Revenues in core brands
declined 10%, consistent with prior guidance for Group revenues to
decline by 10% to 15%, with more significant declines in our labels
following the successful decision taken to target more profitable
sales, which contributed to improved Group profitability.
Investments in key strategic initiatives are underpinned by our
significant cost savings programme.
Customer first
-- Captured supply chain deflation and lower input prices, and
reinvested these savings to drive faster lead times and lower
prices for customers
-- Strengthened test & repeat model with significantly improved lead times
-- Average selling prices down year on year in comparison to a
UK clothing market which has seen price inflation of 8%
-- Increased mix of entry price point categories to reinforce value for customers
Investing for growth
-- Best-in-class logistics through automation in Sheffield
delivering record levels of productivity
-- US distribution centre launched successfully, upgrading our
proposition with next day & express delivery options into a key
strategic market. Further brands to be phased over the next twelve
months
-- Successfully migrated a number of our brands onto our
in-house technology platforms, giving greater agility and cost
savings
Delivering sustainable ROI
-- Identified more than GBP125 million of annualised cost
savings across cost of goods, supply chain and overheads, to be
delivered across FY24 & FY25, supporting a disciplined
reinvestment programme
-- Gross margin strengthened in the first half, despite
significant investments into reducing lead times in the supply
chain and into price reductions for the customer
-- Delivered significant cost savings that have supported a
30bps increase in adjusted EBITDA margin
-- Stock down GBP94 million / 35% year on year due to our
leaner, lighter, faster inventory model
-- Strong balance sheet and significant liquidity position of
GBP290 million provide the necessary foundations to continue to
invest in growth
John Lyttle, Group CEO, commented:
"Over the first half we have made substantial progress across
key projects and initiatives, including the launch of our US
distribution centre. We have seen significant improvements in
sourcing lead times and invested in pricing to reinforce our value
credentials. We have identified more than GBP125 million of
annualised cost savings that support our investment programme. Our
confidence in the medium-term prospects for the Group remains
unchanged as we execute on our key priorities where we see a clear
path to improved profitability and getting back to growth."
Summary of HY 24 performance
6 months to 31 August 2023 6 months to 31 August 2022 Change
(1H FY24) (1H FY23) 2023
on 2022
GBP million GBP million
----------------------------------------------- ---------------------------- --------------------------- ---------
Revenue 729.1 882.4 (17%)
Gross profit 389.2 463.5 (16%)
Gross margin 53.4% 52.5% 90bps
Adjusted EBITDA(1) 31.3 35.5 (12%)
% of revenue 4.3% 4.0% 30bps
Adjusted EBIT(2) (3.9) 9.6 (141%)
% of revenue (0.5%) 1.1% (160)bps
Adjusted (loss)/profit before tax(3) (9.1) 6.2 (247%)
Adjusted (loss)/diluted earnings per share(4) (0.91)p 0.29p (414%)
Net debt(5) at period end (35.0) (10.4) (24.6)m
----------------------------------------------- ---------------------------- --------------------------- ---------
Financial & Operational highlights
-- Revenue GBP729.1 million, down 17% vs last year, with UK down 19% and International down 15%
o Revenues in core brands (6) , declined 10%, consistent with
prior guidance of -10% to -15%
o Successfully targeted more profitable sales in our labels
which resulted in more significant revenue declines
-- Gross margin 53.4%, up 90bps vs last year, despite
significant reinvestment of supply chain and input cost deflation
into lead times and lower prices for customers. Year on year margin
improvement reflects tighter inventory management
-- Inventory significantly reduced, down GBP94 million or 35% year on year
-- Adjusted EBITDA of GBP31.3 million. Adjusted EBITDA margin of
4.3%, up 30bps year on year reflecting improvements in gross
margin, distribution cost efficiencies from automation and overhead
cost reduction
-- GBP36.3 million of capital expenditure as we build the
infrastructure for future growth, including capacity expansion as
part of the Sheffield automation project and US distribution centre
ahead of its launch
-- Free cash outflow of GBP12.9 million, reflecting capital
expenditure in strategic projects. Balance sheet strength
maintained with GBP290 million of liquidity headroom on the Group's
GBP325 million Revolving Credit Facility
Outlook and Guidance
The Group's focus remains on executing its back to growth
strategy through disciplined investments across product, price and
proposition. Given the slower volume recovery than previously
anticipated and the continued targeting of more profitable sales
within our labels, revenues for the year ending 28 February 2024
("FY24") are now expected to decline by 12% to 17%.
In line with prior guidance, adjusted EBITDA margins are
expected to be between 4% and 4.5% given the strong progress made
on gross margin and cost control. Adjusted EBITDA is expected to be
between GBP58 million to GBP70 million. Capital expenditure is
expected to be approximately GBP75 million.
The Group's back to growth strategy will unlock the significant
growth opportunity. The Board's confidence remains unchanged in
rebuilding profitability over the medium term, generating a 6% to
8% adjusted EBITDA margin while getting back to growth through:
continued investment in product, price and proposition, volume
growth, international expansion, unlocking cost deflation; and cost
control.
Investor and analyst meeting
A meeting and video webcast for analysts & investors will be
held at 9am (UK time) today at the offices of boohoo, 10 Great
Pulteney Street, London, W1F 9NB. The webcast is available via the
following link:
https://stream.buchanan.uk.com/broadcast/6504762150a62b392af14caa
A replay will subsequently be available the same day via the
same link. boohoo group plc's results are available at
www.boohooplc.com .
Enquiries
boohoo group plc
Shaun McCabe, Chief Financial Officer Tel: +44 (0)161 233
2050
Alistair Davies, Investor Relations Tel: +44 (0)161 233
2050
Mark Mochalski, Investor Relations Tel: +44 (0)20 3239
6289
Clara Melia, Investor Relations Tel: +44 (0)20 3289
5520
Zeus Capital - Nominated adviser and joint
broker
Andrew Jones / Dan Bate / James Edis Tel: +44 (0)161 831
1512
Benjamin Robertson Tel: +44 (0)20 3829
5000
Jefferies - Joint broker
Ed Matthews / Harry Le May Tel: +44 (0)20 7029
8000
HSBC - Joint broker
Adam Miller / James Hopton Tel: +44 (0)20 7991
8888
Buchanan - Financial PR adviser boohoo@buchanan.uk.com
Richard Oldworth / Toto Berger / Verity Parker Tel: +44 (0)20 7466
/ Sophie Wills 5000
Notes:
Adjusted items, which are not statutory measures, show the
underlying performance of the group excluding large, non-cash and
exceptional items.
(1) Adjusted EBITDA is calculated as profit before tax,
interest, depreciation, amortisation, share-based payment charges
and exceptional items.
(2) Adjusted EBIT is calculated as (loss)/profit before tax,
interest, amortisation of acquired intangible assets, share-based
payment charges and exceptional items.
(3) Adjusted profit before tax is calculated as profit before
tax, excluding amortisation of acquired intangible assets,
share-based payment charges and exceptional items.
(4) Adjusted (loss)/diluted earnings per share is calculated as
diluted earnings per share, adding back amortisation of acquired
intangible assets, share-based payment charges and exceptional
items.
(5) Net (debt)/cash is cash less borrowings, excluding lease
liabilities.
(6) Core brands are defined as boohoo, boohooMAN,
PrettyLittleThing, Karen Millen and Debenhams marketplace
About boohoo group plc
"Leading the fashion eCommerce market"
Founded in Manchester in 2006, boohoo is an inclusive and
innovative global brand targeting young, value-orientated
customers, pushing boundaries to bring its customers up-to-date and
inspirational fashion, 24/7.
In 2017, the group extended its customer offering through the
acquisitions of the vibrant fashion brand PrettyLittleThing and
free-thinking brand Nasty Gal. In March 2019, the group acquired
the MissPap brand, in August 2019 the Karen Millen and Coast brands
and in June 2020 the Warehouse and Oasis brands, all complementary
to the group's scalable, multi-brand platform. In January 2021, the
group acquired the intellectual property assets of Debenhams, with
the goal of transforming a leading UK fashion and beauty retailer
into a digital department store and marketplace through a new
capital-light and low-risk operating model. In February 2021, the
group acquired the intellectual property assets of UK brands
Dorothy Perkins, Wallis and Burton. As at 31 August 2023, the
boohoo group had 17 million active customers across all its brands
around the world.
Cautionary Statement
Certain statements included or incorporated by reference within
this announcement may constitute "forward-looking statements" in
respect of the Group's operations, performance, prospects and/or
financial condition. Forward-looking statements are sometimes, but
not always, identified by their use of a date in the future or such
words and words of similar meaning as "aims", "anticipates",
"believes", "continues", "could", "due", "estimates", "expects",
"goal", "intends", "may", "objectives", "outlook", "plans",
"potential", "probably", "project", "seeks", "should", "targets",
or "will" or, in each case, their negative or other variations or
comparable terminology.
By their nature, forward-looking statements involve a number of
risks, uncertainties and assumptions and actual results or events
may differ materially from those expressed or implied by those
statements. Accordingly, no assurance can be given that any
particular expectation will be met and reliance should not be
placed on any forward-looking statement. Additionally,
forward-looking statements regarding past trends or activities
should not be taken as a representation that such trends or
activities will continue in the future. Except as required by
applicable law or regulation, no responsibility or obligation is
accepted to update or revise any forward-looking statement
resulting from new information, future events or otherwise. Nothing
in this announcement should be construed as a profit forecast.
This announcement does not constitute or form part of any offer
or invitation to sell, or any solicitation of any offer to purchase
any shares or other securities in the Company, nor shall it or any
part of it or the fact of its distribution form the basis of, or be
relied on in connection with, any contract or commitment or
investment decisions relating thereto, nor does it constitute a
recommendation regarding the shares or other securities of the
Company. Past performance cannot be relied upon as a guide to
future performance and persons needing advice should consult an
independent financial adviser authorised under the Financial
Services and Markets Act 2000 (as amended). Statements in this
announcement reflect the knowledge and information available at the
time of its preparation. Liability arising from anything in this
announcement shall be governed by English law. Nothing in this
announcement shall exclude any liability under applicable laws that
cannot be excluded in accordance with such laws.
Review of the business
Group overview
Group revenues for the period declined by 17% (18% Constant
Exchange Rate = "CER") to GBP729.1 million from GBP882.4 million in
2022.
The Group's core brands, before factoring in the impact of
Debenhams marketplace commissions on statutory net revenue,
declined 10% year on year, consistent with prior guidance for Group
revenues to decline by 10% to 15% in the first half. This accounted
for 8 percentage points of the Group's total revenue decline. More
significant declines in revenues however came from our labels ,
following proactive actions taken to target more profitable sales.
This accounted for a further 8 percentage points of the Group's
revenue decline, but with much improved profitability. Strong GMV
growth was achieved within the Debenhams marketplace, with its
increase as a proportion of Group revenue accounting for 2
percentage points of the decline given the Group only recognises
commission income on marketplace sales.
UK revenues declined 19% reflecting the impact of the macro
environment on consumer demand, as well as price investments and
the previously mentioned increase of the Debenhams marketplace
within the sales mix. International revenues declined 15%, with
extended delivery times continuing to impact our customer
proposition for most of the period and annualisation against strong
wholesale comparatives with new partners onboarded in the first
half of the prior financial year. The G roup's US distribution
centre went live in August with its first brand, PrettyLittleThing,
on time and on budget, as part of a phased roll-out of brands into
the site. This will transform the delivery proposition for
customers in a key strategic market, and for brands that are
operationally live, delivery times have improved by 3 days on
average since launch.
Gross product margin was 53.4%, up 90bps on the prior period
(2022: 52.5%). Adjusted EBITDA was GBP31.3 million (2022: GBP35.5
million), a decrease of 12%. Adjusted EBITDA margin was 4.3%, up
30bps on the prior period (2022: 4.0%).
The improvement in adjusted EBITDA margin reflected strong
improvements seen across gross margins and distribution costs,
which improved by 90bps and 150bps respectively year on year. The
improvement in gross margin reflected tighter inventory management
and reduced input costs notwithstanding significant investments
made into freight and pricing. Distribution cost savings were
driven by significant efficiencies that have been unlocked from the
successful automation of our Sheffield distribution centre.
Other administrative costs reduced by 16% year on year,
reflective of the tight cost control measures implemented in the
second half of the prior financial year but increased by 40bps as a
percentage of net sales given the lower revenues reported in the
first half of this financial year. Marketing costs reduced by 4% as
spend was optimised across marketing channels but increased by
170bps as a percentage of sales. This reflects the impact of the
macro environment on consumer demand , targeted investments in
specific growth opportunities as well as underlying inflationary
pressures across digital marketing channels. This will be assessed
going forwards through optimisation of marketing channels to drive
performance as well as brand activation campaigns to drive higher
levels of organic and direct traffic.
During the period, the Group incurred significant non-recurring
costs, which are shown as exceptional items in the financial
statements and have not been included in the adjusted performance
measures. These items relate to set up costs associated with the
opening of the US distribution centre, and dual running costs
associated with the re-platforming of the Group's e-commerce front
end to its own in-house developed tech stacks. These exceptional
items amounted to GBP10.2 million and are detailed in note 1 of the
financial statements.
During the period the Group recognised a GBP10.2m gain on
transition of its investment in Revolution Beauty plc, which was
previously accounted for as a financial asset at fair value through
other comprehensive income, as irrevocably designated at the time
of investment, in accordance with IFRS 9, and is now classified as
an investment in associate in accordance with IAS 28. This gain was
significant and non-recurring and has therefore not been included
in the adjusted performance measures. Further details are detailed
in note 1 and note 9 of the financial statements.
While trading conditions have remained challenging due to cost
inflation, uncertain consumer demand and normalisation of the
channel shift online, the Group has a strong business model and
clear strategy with which it is focussed on executing to unlock
market share, which will allow it to build on its existing
strengths of:
-- Test and repeat sourcing model that allows our brands to
utilise our diverse sourcing base with agility and flexibility
whilst minimising excess inventory risk
-- Attractive brand portfolio that combines the latest trends
with outstanding value for consumers
-- 17 million unique active customers and over 65 million followers across social media
-- A broad target addressable market of up to 500 million
potential customers in key global markets
-- Well-invested infrastructure that offers best-in-class,
efficient logistics and a strong customer proposition with our
first international distribution centre now live, with significant
capacity for future growth
-- Strong balance sheet with significant liquidity headroom; and
-- Numerous growth opportunities through our brands'
direct-to-consumer proposition, Debenhams and other routes to
market, including strategic partnerships with select partners
globally
Key Performance Indicators
Active customer numbers in the last 12 months decreased by 12%
to 17.0 million reflecting the switch back to offline following the
pandemic. Average order frequency decreased by 7% from 3.21 to 2.98
times p.a. Average order value decreased by 1% to GBP53.30 whilst
the number of items per basket increased slightly 2.95 to 2.98,
driven by the capturing of deflation in our supply chain and
subsequent passing-through of cost savings to our customers.
Cash and Working Capital Management
Operating cash flow was GBP21.8 million (2022: GBP41.3 million).
Working capital, particularly in relation to inventory has been
tightly managed. Inventory has reduced significantly, down GBP94.2
million / 35% year on year.
Capital expenditure of GBP36.3 million included a substantial
investment in property and distribution centres of GBP18.3 million,
mainly around Sheffield automation and the opening of a warehousing
facility in the USA . Net cash outflow was GBP40.9 million (2022:
GBP213.3 million inflow). Net debt at the period-end increased to
GBP35.0 million (2022: GBP10.4 million net debt), with total
liquidity of GBP290.0 million.
During the prior period the Group secured a new GBP325 million
rolling capital facility, increasing from the previous GBP100
million facility . The facility remains fully drawn at the end of
August 2023 .
The Group will continue to make selective investments to support
its platform and brands, in line with its internal investment
criteria and in a manner that reflects the current macro-economic
environment.
Performance by market
UK
The UK market continues to be the largest for the Group,
accounting for 61% of revenue (2022: 62%). Revenue was GBP441.3
million declining by 19% on 2022 reflecting the impact of the macro
environment on consumer demand, as well as price investments and
increase of the Debenhams marketplace within the sales mix. Gross
margin improved from 50.2% to 51.6% and return rates have reduced
slightly, which is attributable to product mix and the capturing of
deflation in our supply chain and pass-through of lower prices to
our consumers .
USA
USA revenues declined 11% on the prior year. Delivery times to
the USA for most of the period remained elevated compared to
pre-pandemic levels, and this has undoubtedly impacted demand.
Successful go-live of the Group's US distribution centre on time
and on budget in August has transformed the delivery proposition
for US customers, and there will be a phased roll-out of brands
operating in the facility. Return rates have decreased year on year
reflecting brand mix. Gross margin reduced from 60.2% to 58.4%
reflecting brand mix as well as the impact of duties associated
with the new distribution centre.
Rest of Europe
Revenue in the rest of Europe decreased by 16% year on year,
with performance impacted by annualisation against strong wholesale
comparatives with new partners onboarded in the first half of the
prior financial year. Gross margin improved from 52.7% to 53.3% and
return rates improved year on year.
Rest of world
Revenue in the rest of the world decreased by 23% on the prior
year to GBP44.8 million (2022: GBP58.3 million) and was also
impacted by annualisation against strong wholesale comparatives
with new partners onboarded in the first half of the prior
financial year. Gross margin improved from 50.8% to 53.3% with
return rates improving year on year.
Financial review
Group revenue by geographical market
6 months to 6 months to Change Change
31 August 31 August 2023
2023 2022 on 2022
GBP million GBP million CER(1)
---------------- ------------ ------------ --------- -------
UK 441.3 544.6 (19%) (19%)
Rest of Europe 85.8 102.1 (16%) (16%)
USA 157.2 177.4 (11%) (12%)
Rest of world 44.8 58.3 (23%) (25%)
---------------- ------------ ------------ --------- -------
729.1 882.4 (17%) (18%)
================ ============ ============ ========= =======
1. CER designates Constant Exchange Rate translation of foreign
currency revenue, which gives a truer indication of the performance
in international markets by removing year-to-year exchange rate
movements when local currency sales are converted to sterling.
KPIs
Group
6 months to 6 months to Change
31 August 31 August 2023
2023 2022 on 2022
Active customers(1) 17.0 million 19.2 million (12%)
Number of orders 23.2 million 28.3 million (18%)
Order frequency(2) 2.98 3.21 (7%)
Conversion rate to sale (3) 3.39% 3.64% (7%)
Average order value(4) GBP53.30 GBP53.85 (1%)
Number of items per basket 2.98 2.95 1%
----------------------------- ------------- -------------- ---------
1. Defined as having shopped in the last 12 months
2. Defined as number of orders in last 12 months divided by number of active customers
3. Defined as the percentage of website orders taken to internet sessions
4. Calculated as gross sales including sales tax divided by the number of orders
Consolidated summary income statement
6 months to 6 months to Change
31 August 31 August 2023
2023 2022 on 2022
GBP million GBP million
------------------------------------------------------------------------------- ------------ ------------ ---------
Revenue 729.1 882.4 (17%)
Cost of sales (339.9) (418.9) (19%)
------------------------------------------------------------------------------- ------------ ------------ ---------
Gross profit 389.2 463.5 (16%)
Gross margin % 53.4% 52.5% 90bps
Operating costs (358.0) (428.0) (16%)
Other income 0.1 -
Adjusted EBITDA 31.3 35.5 (12%)
Adjusted EBITDA margin % 4.3% 4.0% 30bps
Depreciation (24.0) (18.2)
Amortisation of other intangible assets (11.2) (7.7)
Adjusted EBIT (3.9) 9.6 (141%)
Adjusting items:
Amortisation of acquired intangible assets (6.1) (6.2)
Equity-settled share-based payments charges (11.2) (12.9)
Exceptional costs (10.2) (2.3)
Revaluation gain on transition of investment (IFRS 9) to associate (IAS 28) 10.2 -
------------------------------------------------------------------------------- ------------ ------------ ---------
Operating loss (21.2) (11.8) 80%
Finance income 6.0 0.5
Finance expense (11.2) (3.9)
------------------------------------------------------------------------------- ------------ ------------ ---------
Loss before tax (26.4) (15.2) 74%
Taxation 4.1 0.5
------------------------------------------------------------------------------- ------------ ------------ ---------
Loss after tax (22.3) (14.7) 52%
Share of results of associates - -
------------------------------------------------------------------------------- ------------ ------------ ---------
Loss for the period (22.3) (14.7) 52%
=============================================================================== ============ ============ =========
Loss per share (1.85)p (1.19)p 55%
Adjusted (loss)/profit after tax for the period (11.0) 3.8 (389%)
Amortisation of acquired intangible assets (6.1) (6.2)
Equity-settled share-based payments charges (11.2) (12.9)
Exceptional costs (10.2) (2.3)
Revaluation gain on transition of investment (IFRS 9) to associate (IAS 28) 10.2 -
Adjustment for tax 6.0 2.9
------------------------------------------------------------------------------- ------------ ------------ ---------
Loss after tax for the period (22.3) (14.7) 52%
------------------------------------------------------------------------------- ------------ ------------ ---------
Adjusted (loss)/profit for the period attributable to shareholders of the
company (11.0) 3.8
Adjusted (loss)/diluted earnings per share (0.91)p 0.29p (414%)
------------------------------------------------------------------------------- ------------ ------------ ---------
Exceptional costs 6 months to 6 months to
31 August 31 August
2023 2022
GBP million GBP million
Selling and distribution costs
USA warehouse set up costs 8.6 -
Sheffield automation disruption costs - 2.3
------------------------------------------ ------------ ------------
8.6 2.3
Administration expenses
Technology platform - dual running costs 1.6 -
1.6 -
------------
Total before tax 10.2 2.3
Tax (2.5) (0.4)
------------------------------------------ ------------ ------------
Total after tax 7.7 1.9
------------------------------------------ ------------ ------------
Taxation
The Group recognised a tax credit of GBP4.1m (2022: GBP0.5m), an
effective rate of 15.5% (2022: 3.3%). This is lower than the tax
credit calculated when multiplying the loss before tax at the
blended UK statutory rate of tax for the period of 24.5% (2022:
19%), due to disallowable expenses and depreciation of buildings in
excess of capital allowances.
Loss per share
Loss per share for the first half of the year increased by 55%
from (1.19)p to (1.85)p. Adjusted diluted loss per share was
(0.91)p, up 414% on the first half of the prior year (2022: diluted
earnings 0.29p).
Consolidated statement of financial position
6 months to 6 months to
31 August 31 August
2023 2022
GBP million GBP million
--------------------------------------- ------------ ------------
Intangible assets 128.6 131.4
Property, plant and equipment 374.3 358.8
Right-of-use assets 125.1 60.7
Financial assets 1.0 0.7
Equity investments 0.3 6.5
Investments in associates 26.5 -
Deferred tax asset 24.3 7.4
--------------------------------------- ------------ ------------
Non-current assets 680.1 565.5
Working capital (113.4) (22.7)
Lease liabilities (127.1) (62.7)
Net financial liabilities (2.3) (26.9)
Cash and cash equivalents 290.0 314.6
Interest bearing loans and borrowings (325.0) (325.0)
Deferred tax liability (22.6) (24.7)
Current tax asset - 6.5
Net assets 379.7 424.6
======================================= ============ ============
Liquidity and financial resources
Operating cash flow was GBP21.8 million (2022: GBP41.3 million).
Net cash outflow was GBP40.9 million (2022: GBP213.3 million
inflow), following capital expenditure of GBP36.3 million (2022:
GBP38.7 million). During 2022 the Group received a GBP225 million
inflow from the newly committed GBP325 million Revolving Credit
Facility. Our net debt balance (cash less bank debt, excluding
lease liabilities) at the period end increased to GBP35.0 million
(2022: GBP10.4 million net debt). The closing cash balance for the
Group was GBP290.0 million.
Consolidated cash flow statement
6 months to 6 months to
31 August 31 August
2023 2022
GBP million GBP million
-------------------------------------------------------------------- ------------ ------------
Loss for the period (22.3) (14.7)
Share-based payments charge 11.2 12.9
Depreciation charges, amortisation and impairment 41.3 32.1
Gain on sale of property, plant and equipment (0.1) -
Reclassification to profit or loss of discontinued hedge contracts (9.7) -
Revaluation gain on transition of investment to associate (10.2) -
Finance income (6.0) (0.5)
Finance expense 11.2 3.9
Tax expense (4.1) (0.5)
Decrease in inventories 2.6 9.7
Decrease/(increase) in trade and other receivables 6.0 (5.7)
Increase in trade and other payables 1.9 4.1
-------------------------------------------------------------------- ------------ ------------
Operating cash flow 21.8 41.3
Capital expenditure and intangible asset purchases (36.3) (38.7)
Investments in equity instruments (1.3) (6.5)
Proceeds from the sale of property, plant and equipment 1.2 -
Tax refunded 1.7 1.2
Free cash outflow after tax (12.9) (2.7)
Net proceeds from the issue of ordinary shares 0.1 0.1
Purchase of own shares by EBT (15.4) -
Finance income received 5.3 0.4
Finance expense paid (9.4) (3.4)
Lease payments (8.6) (6.1)
Increase in borrowings - 225.0
-------------------------------------------------------------------- ------------ ------------
Net cash (out)/inflow (40.9) 213.3
Cash and cash equivalents at beginning of period 330.9 101.3
-------------------------------------------------------------------- ------------ ------------
Cash and cash equivalents at end of period 290.0 314.6
==================================================================== ============ ============
Outlook and Guidance
The Group's focus remains on executing its back to growth
strategy through disciplined investments across product, price and
proposition. Given the slower volume recovery than previously
anticipated and the continued targeting of more profitable sales
within our labels, revenues for the year ending 28 February 2024
("FY24") are now expected to decline by 12% to 17%.
In line with prior guidance, adjusted EBITDA margins are
expected to be between 4% and 4.5% given the strong progress made
on gross margin and cost control. Adjusted EBITDA is expected to be
between GBP58 million to GBP70 million. Capital expenditure is
expected to be approximately GBP75 million.
The Group's back to growth strategy will unlock the significant
growth opportunity. The Board's confidence remains unchanged in
rebuilding profitability over the medium term, generating a 6% to
8% adjusted EBITDA margin while getting back to growth through:
continued investment in product, price and proposition, volume
growth, international expansion, unlocking cost deflation; and cost
control.
John Lyttle Shaun McCabe
Chief Executive Officer Chief Financial Officer
3 October 2023
Unaudited consolidated statement of comprehensive income
for the period ended 31 August 2023
Note 6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
(unaudited) (unaudited) (audited)
GBP million GBP million GBP million
----------------------------------------------------------------------- ----- ----------- ----------- ------------
Revenue 3 729.1 882.4 1,768.7
Cost of sales (339.9) (418.9) (873.5)
------------------------------------------------------------------------------ ----------- ----------- ------------
Gross profit 389.2 463.5 895.2
Distribution costs (189.9) (224.8) (447.9)
Exceptional costs (8.6) (2.3) (20.0)
Other distribution costs (181.3) (222.5) (427.9)
------------------------------------------------------------------------------ ----------- ----------- ------------
Administrative expenses (230.8) (250.5) (529.7)
------------------------------------------------------------------------------ ----------- ----------- ------------
Amortisation of acquired intangibles (6.1) (6.2) (12.2)
Exceptional expenses (1.6) - (24.9)
Other administrative expenses (223.1) (244.3) (492.6)
------------------------------------------------------------------------------ ----------- ----------- ------------
Other income 0.1 - 0.2
Revaluation gain on transition of investment (IFRS 9) to associate (IAS 28) 10.2 - -
------------------------------------------------------------------------------ ----------- ----------- ------------
Operating loss (21.2) (11.8) (82.2)
Finance income 6.0 0.5 3.5
Finance expense (11.2) (3.9) (12.0)
------------------------------------------------------------------------------ ----------- ----------- ------------
Loss before tax 4 (26.4) (15.2) (90.7)
Taxation 4.1 0.5 15.1
------------------------------------------------------------------------------ ----------- ----------- ------------
Loss after tax (22.3) (14.7) (75.6)
Share of results of associates 9 - - -
----------------------------------------------------------------------- ----- ----------- ----------- ------------
Loss for the period (22.3) (14.7) (75.6)
============================================================================== =========== =========== ============
Other comprehensive (expense)/income for the period
(Gain)/loss reclassified to profit or loss during the period (1) (1.4) (1.1) 16.2
Fair value gain/(loss) on cash flow hedges during the period (1) 7.1 (35.2) (28.7)
Income tax relating to these items (1.4) 6.9 2.4
------------------------------------------------------------------------------ ----------- ----------- ------------
Total comprehensive loss for the period (18.0) (44.1) (85.7)
============================================================================== =========== =========== ============
Earnings per share 5
Basic (1.85)p (1.19)p (6.13)p
Diluted (1.85)p (1.19)p (6.13)p
------------------------------------------------------------------------------ ----------- ----------- ------------
1. Net fair value gains/losses on cash flow hedges will be
reclassified to profit or loss during the three years to 31 August
2026.
Unaudited consolidated statement of financial position
at 31 August 2023
Note At At At
31 August 31 August 28 February
2023 2022 2023
(unaudited) (unaudited) (audited)
GBP million GBP million GBP million
-------------------------------------- ---- ----------- ----------- ------------
Assets
Non-current assets
Intangible assets 6 128.6 131.4 131.5
Property, plant and equipment 7 374.3 358.8 371.6
Right-of-use assets 8 125.1 60.7 136.4
Financial assets 19 1.0 0.7 0.3
Financial assets - equity investments 19 0.3 6.5 15.3
Investments in associates 9 26.5 - -
Deferred tax 10 24.3 7.4 23.5
-------------------------------------- ---- ----------- ----------- ------------
Total non-current assets 680.1 565.5 678.6
Current assets
Inventories 175.5 269.7 178.1
Trade and other receivables 11 32.9 61.6 37.0
Financial assets 18 3.4 12.0 1.1
Current tax asset - 6.5 -
Cash and cash equivalents 290.0 314.6 330.9
Total current assets 501.8 664.4 547.1
Total assets 1,181.9 1,229.9 1,225.7
Liabilities
Current liabilities
Trade and other payables 12 (272.3) (291.5) (260.3)
Provisions 13 (40.1) (62.5) (49.7)
Lease liabilities 15 (11.1) (8.1) (12.1)
Financial liabilities 19 (5.4) (27.7) (15.7)
Total current liabilities (328.9) (389.8) (337.8)
Non-current liabilities
Provisions 13 (9.4) - (10.0)
Interest bearing loans and borrowings 14 (325.0) (325.0) (325.0)
Lease liabilities 15 (116.0) (54.6) (126.5)
Financial liabilities 19 (0.3) (11.2) (2.2)
Deferred tax 10 (22.6) (24.7) (24.2)
Total liabilities (802.2) (805.3) (825.7)
Net assets 379.7 424.6 400.0
====================================== ==== =========== =========== ============
Equity
Share capital 16 12.7 12.7 12.7
Shares to be issued 17 31.9 31.9 31.9
Share premium 911.2 922.9 916.8
Hedging reserve 3.4 (26.1) (2.3)
EBT reserve (86.5) (75.6) (76.8)
Other reserves 18 (796.1) (797.1) (796.5)
Retained earnings 303.1 355.9 314.2
-------------------------------------- ---- ----------- ----------- ------------
Total equity 379.7 424.6 400.0
====================================== ==== =========== =========== ============
Unaudited consolidated statement of changes in equity
Share Shares to Share Hedging EBT Other Retained Total
capital be issued premium reserve reserve reserves earnings equity
GBP million GBP million GBP GBP GBP million GBP GBP GBP million
million million million million
----------- ----------- ---------- ---------- ----------- ---------- ---------- -----------
Balance at 28
February 2023 12.7 31.9 916.8 (2.3) (76.8) (796.5) 314.2 400.0
Loss for the
period - - - - - - (22.3) (22.3)
Other
comprehensive
income/(expense):
Gain reclassified
to profit and
loss in revenue - - - (1.4) - - - (1.4)
Fair value gain on
cash flow hedges
during the period - - - 7.1 - - - 7.1
------------------ ----------- ----------- ---------- ---------- ----------- ---------- ---------- -----------
Total
comprehensive
expense for the
period - - - 5.7 - - (22.3) (16.6)
Issue of shares - - (5.6) - (9.7) - - (15.3)
Share-based
payments credit - - - - - - 11.2 11.2
Translation of
foreign
operations - - - - - 0.4 - 0.4
Balance at 31
August 2023 12.7 31.9 911.2 3.4 (86.5) (796.1) 303.1 379.7
------------------ ----------- ----------- ---------- ---------- ----------- ---------- ---------- -----------
Share Shares to Share Hedging EBT Other Retained Total
capital be issued premium reserve reserve reserves earnings equity
GBP million GBP million GBP GBP GBP million GBP GBP GBP million
million million million million
Balance at 28
February 2022 12.7 31.9 922.8 10.2 (75.6) (795.5) 357.8 464.3
Loss for the
period - - - - - - (14.7) (14.7)
Other
comprehensive
income/(expense):
Gain reclassified
to profit and
loss in revenue - - - (1.1) - - - (1.1)
Fair value loss on
cash flow hedges
during the period - - - (35.2) - - - (35.2)
------------------ ----------- ----------- ---------- ---------- ----------- ---------- ---------- -----------
Total
comprehensive
expense for the
period - - - (36.3) - - (14.7) (51.0)
Issue of shares - - 0.1 - - - - 0.1
Share-based
payments credit - - - - - - 12.9 12.9
Excess taxation on
share-based
payments - - - - - - (0.1) (0.1)
Translation of
foreign
operations - - - - - (1.6) - (1.6)
Balance at 31
August 2022 12.7 31.9 922.9 (26.1) (75.6) (797.1) 355.9 424.6
------------------ ----------- ----------- ---------- ---------- ----------- ---------- ---------- -----------
Share Shares to Share Hedging EBT Other Retained Total
capital be issued premium reserve reserve reserves earnings equity
GBP million GBP million GBP GBP GBP million GBP GBP GBP million
million million million million
------------------ ----------- ----------- ---------- ---------- ----------- ---------- ---------- -----------
Balance at 28
February 2022 12.7 31.9 922.8 10.2 (75.6) (795.5) 357.8 464.3
Loss for the year - - - - - - (75.6) (75.6)
Other
comprehensive
income/(expense):
Loss reclassified
to profit or loss
in exceptional
items (note 1) - - - 14.3 - - - 14.3
Loss reclassified
to profit or loss
in revenue - - - 1.9 - - - 1.9
Fair value loss on
cash flow hedges
during the year - - - (28.7) - - - (28.7)
------------------ ----------- ----------- ---------- ---------- ----------- ---------- ---------- -----------
Total
comprehensive
expense for the
year - - - (12.5) - - (75.6) (88.1)
Issue of shares - - (6.0) - (1.2) - - (7.2)
Share-based
payments credit - - - - - - 32.0 32.0
Translation of
foreign
operations - - - - - (1.0) - (1.0)
Balance at 28
February 2023 12.7 31.9 916.8 (2.3) (76.8) (796.5) 314.2 400.0
------------------ ----------- ----------- ---------- ---------- ----------- ---------- ---------- -----------
Unaudited consolidated cash flow statement
for the period ended 31 August 2023
Note 6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
(unaudited) (unaudited) (audited)
GBP million GBP million GBP million
Cash flows from operating activities
Loss for the period (22.3) (14.7) (75.6)
Adjustments for:
Share-based payments charge 11.2 12.9 32.0
Depreciation charges, amortisation and impairment 41.3 32.1 82.0
Gain on sale of property, plant and equipment (0.1) - -
Reclassification to profit or loss of discontinued hedge contracts (9.7) - 14.3
Revaluation gain on transition of investment (IFRS 9) to associate
(IAS 28) (10.2) - -
Share of results of associates 9 - - -
Finance income (6.0) (0.5) (3.5)
Finance expense 11.2 3.9 12.0
Tax credit (4.1) (0.5) (15.1)
---------------------------------------------------------------------- ---- ----------- ----------- ------------
11.3 33.2 46.1
Decrease in inventories 2.6 9.7 101.3
Decrease/(increase) in trade and other receivables 11 6.0 (5.7) 19.4
Increase in trade and other payables 12 1.9 4.1 (35.9)
Cash generated from operations 21.8 41.3 130.9
Tax repaid 1.7 1.2 5.8
Net cash generated from operating activities 23.5 42.5 136.7
Cash flows from investing activities
Acquisition of intangible assets 6 (14.4) (16.8) (32.1)
Acquisition of property, plant and equipment 7 (21.9) (22.4) (59.1)
Proceeds from the sale of property, plant and equipment 1.2 0.5 0.5
Acquisition of financial assets - equity investments (1.3) (6.5) (15.3)
Finance income received 5.3 0.4 2.7
Net cash used in investing activities (31.1) (44.8) (103.3)
Cash flows from financing activities
Proceeds from the issue of ordinary shares 0.1 0.1 0.2
Purchase of own shares by EBT (15.4) - (7.4)
Finance expense paid (9.4) (3.4) (9.6)
Lease payments 15 (8.6) (6.1) (12.0)
Increase in borrowings 14 - 225.0 225.0
Net cash (used in)/generated from financing activities (33.3) 215.6 196.2
(Decrease)/increase in cash and cash equivalents (40.9) 213.3 229.6
Cash and cash equivalents at beginning of period 330.9 101.3 101.3
---------------------------------------------------------------------------- ----------- ----------- ------------
Cash and cash equivalents at end of period 290.0 314.6 330.9
====================================================================== ==== =========== =========== ============
Notes
(forming part of the interim report and accounts)
1 Accounting policies
General information
boohoo group plc is a public limited company incorporated and
domiciled in Jersey and listed on the Alternative Investment Market
(AIM) of the London Stock Exchange. Its registered office address
is: 12 Castle Street, St Helier, Jersey, JE2 3RT. The company was
incorporated on 19 November 2013.
Basis of preparation
The interim condensed financial statements for the six months to
31 August 2023 have been prepared in accordance with IAS 34,
"Interim Financial Reporting" as adopted by the UK. The interim
financial statements should be read in conjunction with the group's
Annual Report and Financial Statements for the year ended 28
February 2023, prepared and approved by the directors in accordance
with UK-adopted international accounting standards and the
Companies (Jersey) Law 1991 applicable to companies reporting under
IFRS.
The interim condensed financial statements contained in this
report are not audited and do not constitute statutory accounts
within the meaning of Companies (Jersey) Law 1991. The Annual
Report and Financial Statements for the year ended 28 February 2023
has been filed with the Jersey Companies Registry. The auditors'
report on those accounts was unqualified and did not include
reference to any matters on which the auditors were required to
report by exception under Companies (Jersey) Law 1991.
The group's business activities together with the factors that
are likely to affect its future developments, performance and
position are set out in the Business and Financial Reviews. The
Financial Review describes the group's financial position, cash
flows and bank facilities.
The interim financial statements are unaudited and were approved
by the board of directors on 3 October 2023.
Going concern
The directors have reviewed the group's forecast and
projections, including assumptions concerning capital expenditure
and expenditure commitments and their impact on cash flows, and
have a reasonable expectation that the group has adequate financial
resources to continue its operations for the foreseeable future.
For this reason, they have continued to adopt the going concern
basis in preparing the financial statements.
In preparing the interim announcement, the directors have also
made reasonable and prudent judgements and estimates and prepared
the interim announcement on the going concern basis. The interim
announcement and management report contained herein give a true and
fair view of the assets, liabilities, financial position and profit
and loss of the group.
Accounting policies
The interim financial statements have been prepared in
accordance with the accounting policies set out in the group's
Annual Report and Financial Statements for the year ended 28
February 2023, with the addition of the following new accounting
policies:
Investments in associates
An associate is an entity over which the group has significant
influence and that is neither a subsidiary nor an interest in a
joint venture. Significant influence is the power to participate in
the financial and operating policy decisions of the investee but is
not control or joint control over those policies. Whereas joint
ventures are entities over which the group has joint control over
such policies.
The group's share of the results of associates is included in
the group income statement and group statement of comprehensive
income using the equity method of accounting. Investments in
associates are carried in the group balance sheet at cost plus
post-acquisition changes in the group's share of the net assets of
the entity, less any dividends received and impairment in value. If
the group's share of losses in an associate equals or exceeds its
investment in the associate, the group does not recognise further
losses, unless it has incurred obligations to do so or made
payments on behalf of the associate.
Dividends received from associates with nil carrying value are
recognised in the group income statement as part of the group's
share of post-tax profits/(losses) of associates. Unrealised gains
arising from transactions with associates are eliminated to the
extent of the group's interest in the entity.
Significant estimates and judgements
The preparation of financial statements in conformity with IFRS
as adopted by the UK requires management to make judgements,
estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent assets and
liabilities. The estimates and assumptions are based on historical
experience and various other factors believed to be reasonable
under the circumstances. Actual results could differ from these
estimates and any subsequent changes are accounted for when such
information becomes available. The judgements, estimates and
assumptions that are the most subjective or complex are discussed
below and are unchanged from those at 28 February 2023 with the
exception of the classification and fair value of the investment in
equity instruments:
Classification and fair value of investments in equity
instruments
During the year to 28 February 2023 26.47% of the issued share
capital of Revolution Beauty Group plc ("REVB") was acquired. The
equity accounting requirements of IAS 28 (Investments in associates
and joint ventures) were considered and it was determined that
significant influence did not exist either at the time of initial
recognition or as at 28 February 2023. The equity investment was
accounted for as a financial asset under IFRS 9 with the option
taken to hold at fair value through other comprehensive income, as
irrevocably designated at the date of recognition.
On 18(th) July 2023 the group entered into a settlement
agreement with REVB resulting in the reconstitution of the REVB
board. The group also increased it's shareholding in REVB to
27.13%. T he equity accounting requirements of IAS 28 were
reconsidered and it was determined that significant influence did
exist as a result of the settlement agreement, reconstitution of
the REVB board and change in ownership percentage. As a result the
investment has been accounted for as an associate under IAS 28 from
18(th) July 2023. The investment, which was previously accounted
for under IFRS 9, was derecognised and the cumulative gain
recognised in other comprehensive income of GBP10.2m was
reclassified to profit or loss as a revaluation adjustment .
Under the equity accounting requirements of IAS 28 the group's
share of the results of associates is included in the carrying
value of the associate in the group statement of financial position
and included within the group income statement and group statement
of comprehensive income using the equity method of accounting. As
at the date of publishing these interim condensed financial
statements the group's share of REVB's results for the period
18(th) July 2023 to 31 August 2023 is unavailable. The group has
considered the results for the year ending 28 February 2023 and the
forward looking guidance published by REVB in their RNS dated 31
August 2023 and an estimate of GBPnil has been disclosed in the
group statement of financial position, the group income statement
and group statement of comprehensive income. Given the group's
shareholding percentage and the short period of time prior to the
period end that REVB has been classified as an associate the risk
of this estimate being materially incorrect is considered
remote.
Exceptional items
Exceptional items are those of significant size and of a
non-recurring nature that require disclosure in order that the
underlying business performance can be identified. The exceptional
costs in these interim statements include additional costs
associated with the opening of a warehousing facility in the USA
and onerous. Such additional costs do require estimation by
management.
Exceptional costs 6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
----------------------------------------------------------------------- ------------ ------------ -------------
Selling and distribution costs
USA warehouse set up costs 8.6 - 2.4
Sheffield automation disruption costs - 2.3 8.3
Impairment of UK warehouse property, plant and equipment - - 3.3
Impairment of UK warehouse right-of-use asset - - 3.6
UK warehouse restructuring and dual operating costs - - 2.4
----------------------------------------------------------------------- ------------ ------------ -------------
8.6 2.3 20.0
Administration expenses
Technology platform - dual running costs 1.6 - -
Reclassification to profit or loss of discontinued hedge contracts - - 14.3
Impairment of property, plant and equipment at loss-making operations - - 6.5
Redundancy costs - - 4.1
1.6 - 24.9
Total before tax 10.2 2.3 44.9
Tax (2.5) (0.4) (8.5)
----------------------------------------------------------------------- ------------ ------------ -------------
Total after tax 7.7 1.9 36.4
----------------------------------------------------------------------- ------------ ------------ -------------
2 Principal risks and uncertainties
The board considers the principal risks and uncertainties which
could impact the group over the remaining six months of the
financial year to 28 February 2024 to be unchanged from those set
out in the group's Annual Report and Financial Statements for the
year ended 28 February 2023, which in summary are: supply chain
ethics, competition risk; sustainability, governance, ethos and
culture, regulatory compliance, taxation and duties, supply chain
costs, IT and cyber security, business change, third parties,
business continuity, people, product and financial risk. These are
set out in detail on pages 29 to 38 of the group's Annual Report
and Financial Statements for the year ended 28 February 2023, a
copy of which is available on the group's website,
www.boohooplc.com.
3 Segmental analysis
6 months ended 31 August 2023
UK Rest of USA Rest of Total
Europe world
GBP million GBP million GBP million GBP million GBP million
-------------------------------------- ----------- ----------- ----------- ----------- -----------
Revenue 441.3 85.8 157.2 44.8 729.1
Cost of sales (213.5) (40.1) (65.4) (20.9) (339.9)
-------------------------------------- ----------- ----------- ----------- ----------- -----------
Gross profit 227.8 45.7 91.8 23.9 389.2
Distribution costs - - - - (189.9)
Administrative expenses - other - - - - (224.7)
Amortisation of acquired intangibles - - - - (6.1)
Other income - - - - 10.3
-------------------------------------- ----------- ----------- ----------- ----------- -----------
Operating loss - - - - (21.2)
Finance income - - - - 6.0
Finance expense - - - - (11.2)
-------------------------------------- ----------- ----------- ----------- ----------- -----------
Loss before tax - - - - (26.4)
====================================== =========== =========== =========== =========== ===========
6 months ended 31 August 2022
UK Rest of USA Rest of Total
Europe world
GBP million GBP million GBP million GBP million GBP million
-------------------------------------- ----------- ----------- ----------- ----------- -----------
Revenue 544.6 102.1 177.4 58.3 882.4
Cost of sales (271.3) (48.3) (70.6) (28.7) (418.9)
-------------------------------------- ----------- ----------- ----------- ----------- -----------
Gross profit 273.3 53.8 106.8 29.6 463.5
Distribution costs - - - - (224.8)
Administrative expenses - other - - - - (244.3)
Amortisation of acquired intangibles - - - - (6.2)
Other income - - - - -
-------------------------------------- ----------- ----------- ----------- ----------- -----------
Operating loss - - - - (11.8)
Finance income - - - - 0.5
Finance expense - - - - (3.9)
-------------------------------------- ----------- ----------- ----------- ----------- -----------
Loss before tax - - - - (15.2)
====================================== =========== =========== =========== =========== ===========
Year ended 28 February 2023
UK Rest of USA Rest of Total
Europe world
GBP million GBP million GBP million GBP million GBP million
-------------------------------------- ----------- ----------- ----------- ----------- -----------
Revenue 1,091.5 206.5 363.7 107.0 1,768.7
Cost of sales (569.1) (99.1) (152.6) (52.7) (873.5)
-------------------------------------- ----------- ----------- ----------- ----------- -----------
Gross profit 522.4 107.4 211.1 54.3 895.2
Distribution costs - - - - (447.9)
Administrative expenses - other - - - - (517.5)
Amortisation of acquired intangibles - - - - (12.2)
Other income - - - - 0.2
-------------------------------------- ----------- ----------- ----------- ----------- -----------
Operating loss - - - - (82.2)
Finance income - - - - 3.5
Finance expense - - - - (12.0)
-------------------------------------- ----------- ----------- ----------- ----------- -----------
Loss before tax - - - - (90.7)
====================================== =========== =========== =========== =========== ===========
IFRS 8, 'Operating Segments', requires operating segments to be
determined based on the group's internal reporting to the chief
operating decision maker. The chief operating decision maker is
considered to be the executive board, which has determined that the
primary segmental reporting format of the group for the year ending
28 February 2024 is by geographic region.
4 Loss before tax
Loss before tax is stated after charging: 6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
------------------------------------------------------- ----------- ----------- ------------
Short-term operating lease rentals for buildings 0.1 - 0.1
Equity-settled share-based payment charges 11.2 12.9 32.0
Exceptional costs, excluding impairment (note 1) 10.2 2.3 31.5
Depreciation of property, plant and equipment (note 7) 17.0 12.7 26.7
Impairment of property, plant and equipment (note 1) - - 9.8
Depreciation of right-of-use assets (note 8) 7.0 5.5 12.8
Impairment of right-of-use assets (note 1) - - 3.6
Amortisation of intangible assets (note 6) 11.2 7.7 16.9
Amortisation of acquired intangible assets (note 6) 6.1 6.2 12.2
------------------------------------------------------- ----------- ----------- ------------
5 Earnings per share
Basic earnings per share is calculated by dividing profit after
tax attributable to members of the holding company by the weighted
average number of shares in issue during the period. Own shares
held by the Employee Benefit Trust are eliminated from the weighted
average number of shares. Diluted earnings per share is calculated
by dividing the profit after tax attributable to members of the
holding company by the weighted average number of shares in issue
during the period, adjusted for potentially dilutive share
options.
6 months to 6 months to Year to
31 August 31 August 28 February 2023
2023 2022
---------------------------------------------------------------------- ------------ ------------ ------------------
Weighted average shares in issue for basic earnings per share
(million) 1,202.4 1,239.7 1,233.0
Dilutive share options (million) 102.3 60.9 69.4
---------------------------------------------------------------------- ------------ ------------ ------------------
Weighted average shares in issue for diluted earnings per share
(million) 1,304.7 1,300.6 1,302.4
====================================================================== ============ ============ ==================
Loss (GBP million) (22.3) (14.7) (75.6)
Loss per share (1.85)p (1.19)p (6.13)p
Loss (GBP million) (22.3) (14.7) (75.6)
Adjusting items:
Amortisation of intangible assets arising on acquisitions 6.1 6.2 12.2
Share-based payments charges 11.2 12.9 32.0
Exceptional items 10.2 2.3 31.5
Impairment of assets - - 13.4
Revaluation gain on transition of investment (IFRS 9) to associate (10.2) - -
(IAS 28)
Adjustment for tax (6.0) (2.9) (13.7)
Adjusted (loss)/earnings (11.0) 3.8 (0.2)
---------------------------------------------------------------------- ------------ ------------ ------------------
Adjusted (loss)/basic earnings per share (0.91)p 0.31p (0.02)p
Adjusted (loss)/diluted earnings per share (0.91)p 0.29p (0.02)p
---------------------------------------------------------------------- ------------ ------------ ------------------
6 Intangible assets
Patents and licences Trademarks Customer lists Computer software Total
GBP million GBP million GBP million GBP million GBP million
----------------------------- --------------------- ------------ --------------- ------------------ ------------
Cost
Balance at 28 February 2023 1.0 115.6 8.1 83.2 207.9
Additions 0.1 - - 14.3 14.4
Balance at 31 August 2023 1.1 115.6 8.1 97.5 222.3
============================= ===================== ============ =============== ================== ============
Accumulated amortisation
Balance at 28 February 2023 0.6 37.5 7.5 30.8 76.4
Amortisation - 5.8 0.3 11.2 17.3
Balance at 31 August 2023 0.6 43.3 7.8 42.0 93.7
============================= ===================== ============ =============== ================== ============
Net book value
At 28 February 2023 0.4 78.1 0.6 52.4 131.5
At 31 August 2023 0.5 72.3 0.3 55.5 128.6
============================= ===================== ============ =============== ================== ============
7 Property, plant and equipment
Short Fixtures and Computer Motor vehicles Land & Total
leasehold fittings equipment buildings
alterations
GBP GBP million GBP GBP million GBP GBP million
million million million
---------------- --------------- ---------------- ---------------- --------------- ---------------- ------------
Cost
Balance at 28
February 2023 31.8 279.3 14.8 1.0 136.1 463.0
Additions 2.2 19.2 0.5 - - 21.9
Exchange
differences - (1.1) - - - (1.1)
Disposals - - - (0.1) (1.2) (1.3)
---------------- --------------- ---------------- ---------------- --------------- ---------------- ------------
Balance at 31
August 2023 34.0 297.4 15.3 0.9 134.9 482.5
================ =============== ================ ================ =============== ================ ============
Accumulated
depreciation
Balance at 28
February 2023 10.3 62.6 9.5 0.8 8.2 91.4
Depreciation
charge 1.4 12.5 1.7 - 1.4 17.0
Exchange - - - - - -
differences
Disposals - - - (0.1) (0.1) (0.2)
Balance at 31
August 2023 11.7 75.1 11.2 0.7 9.5 108.2
================ =============== ================ ================ =============== ================ ============
Net book value
At 28 February
2023 21.5 216.7 5.3 0.2 127.9 371.6
At 31 August
2023 22.3 222.3 4.1 0.2 125.4 374.3
================ =============== ================ ================ =============== ================ ============
8 Right-of-use assets
Short leasehold properties
GBP million
Cost
Balance at 28 February 2023 181.0
Additions 2.1
Exchange differences (6.3)
Balance at 31 August 2023 176.8
================================= ===========================
Accumulated depreciation
Balance at 28 February 2023 44.6
Depreciation 7.0
Exchange differences 0.1
--------------------------------- ---------------------------
Balance at 31 August 2023 51.7
================================= ===========================
Net book value
At 28 February 2023 136.4
At 31 August 2023 125.1
================================= ===========================
9 Associates
Interest in associates
GBP million
Cost
Balance at 28 February 2023 -
Additions at fair value 26.5
Retained profit / accumulated loss -
Balance at 31 August 2023 26.5
==================================== =======================
Impairment
Balance at 28 February 2023 -
Impairment charge -
------------------------------------ -----------------------
Balance at 31 August 2023 -
==================================== =======================
Net book value
At 28 February 2023 -
At 31 August 2023 26.5
==================================== =======================
Under the equity accounting requirements of IAS 28 the group's
share of the results of associates is included in the carrying
value of the associate in the group statement of financial position
and included within the group income statement and group statement
of comprehensive income using the equity method of accounting. As
at the date of publishing these interim condensed financial
statements the group's share of REVB's results for the period
18(th) July 2023 to 31 August 2023 is unavailable. The group has
considered the results for the year ending 28 February 2023 and the
forward looking guidance published by REVB in their RNS dated 31
August 2023 and an estimate of GBPnil has been disclosed in the
group statement of financial position, the group income statement
and group statement of comprehensive income. Given the group's
shareholding percentage and the short period of time prior to the
period end that REVB has been classified as an associate the risk
of this estimate being materially incorrect is considered
remote.
Set out below are the material associates of the group. The
entities listed below have share capital consisting of ordinary
shares, which are held directly by the group. The country of
incorporation or registration is their principal place of business,
and the proportion of ownership interest is the same as the
proportion of voting rights held.
% ownership Carrying amount
Name of entity 31 August 31 August 31 August 31 August
2023 2022 2023 2022
% % GBP million GBP million
----------------------------- ----------- ---------- -------------- -------------
Revolution Beauty Group plc 27.13% - 26.5 -
----------------------------- ----------- ---------- -------------- -------------
At 31 August 2022 the group held 12.85% of REVB's ordinary share
capital and this was recognised in the group statement of financial
position as an investment at fair value of GBP6.5 million. As this
was classified as an investment in the prior period rather than an
associate it is therefore not included in the table above.
10 Deferred tax
Assets
Unused Depreciation in excess of Share-based payments Total
tax losses capital allowances
GBP million GBP million GBP million GBP million
--------------------------------- ------------ -------------------------------- --------------------- ------------
At 28 February 2022 7.5 - - 7.5
Recognised in statement of
comprehensive income (0.1) - - (0.1)
At 31 August 2022 7.4 - - 7.4
================================= ============ ================================ ===================== ============
At 28 February 2023 22.5 - 1.0 23.5
Recognised in statement of
comprehensive income (0.9) - 1.7 0.8
At 31 August 2023 21.6 - 2.7 24.3
================================= ============ ================================ ===================== ============
Liabilities
Business combinations Capital allowances in Share-based payments Total
excess of depreciation
GBP million GBP million GBP million GBP million
---------------------------- ---------------------- --------------------------- --------------------- ------------
At 28 February 2022 (0.8) (22.5) (2.0) (25.3)
Recognised in statement of
comprehensive income 0.1 (0.8) 1.4 0.7
Debit in equity - - (0.1) (0.1)
At 31 August 2022 (0.7) (23.3) (0.7) (24.7)
============================ ====================== =========================== ===================== ============
At 28 February 2023 (0.7) (23.5) - (24.2)
Recognised in statement of
comprehensive income 0.1 1.5 - 1.6
At 31 August 2023 (0.6) (22.0) - (22.6)
============================ ====================== =========================== ===================== ============
Recognition of the deferred tax assets is based upon the
expected generation of future taxable profits. The deferred tax
asset is expected to be recovered in more than one year's time and
the deferred tax liability will reverse in more than one year's
time as the intangible assets are amortised. Deferred tax is
calculated at 25% as enacted from April 2023 by the UK
Government.
11 Trade and other receivables
6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
------------------ ----------- ----------- ------------
Trade receivables 13.3 33.9 17.6
Prepayments 16.9 24.1 13.9
Accrued income 2.7 3.6 5.5
32.9 61.6 37.0
================== =========== =========== ============
Where specific trade receivables are not considered to be at
risk and requiring a provision, the trade receivables impairment
provision is calculated using the simplified approach to the
expected credit loss model, based on the following percentages:
6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
Age of trade receivable % % %
------------------------ ----------- ----------- ------------
60 - 90 days past due 1 1 1
91 - 120 days past due 5 5 5
Over 121 days past due 90 90 90
------------------------- ----------- ----------- ------------
Trade receivables represent amounts due from wholesale customers
and advance payments to suppliers.
The fair value of trade and other receivables is not materially
different from the carrying value.
6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
------------------------------- ----------- ----------- ------------
Due within 30 days 11.9 26.3 16.0
Provision for impairment (1.6) (0.1) -
Due in 31 to 90 days 2.7 8.7 4.3
Provision for impairment (1.7) (2.4) (2.8)
Past due 2.0 1.4 0.1
Total amounts due and past due 16.6 36.4 20.4
Total provision for impairment (3.3) (2.5) (2.8)
------------------------------- ----------- ----------- ------------
13.3 33.9 17.6
=============================== =========== =========== ============
12 Trade and other payables
6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
---------------------------------- ----------- ----------- ------------
Trade payables 80.3 85.2 82.0
Other creditors 16.0 8.4 17.0
Accruals 147.5 153.6 125.6
Deferred income 11.3 19.3 15.9
Taxes and social security payable 17.2 25.0 19.8
---------------------------------- ----------- ----------- ------------
272.3 291.5 260.3
================================== =========== =========== ============
13 Provisions
Dilapidations Returns Claims Total
GBP million GBP million GBP million GBP million
------------------------------------------------------------ -------------- ------------ ------------ ------------
Provision at 28 February 2022 3.7 32.0 17.8 53.5
Movements in provision charged/(credited) to income
statement:
Prior year provision utilised - (32.0) (0.7) (32.7)
Increase in provision in period - 41.7 - 41.7
------------------------------------------------------------ -------------- ------------ ------------ ------------
Provision at 31 August 2022 3.7 41.7 17.1 62.5
============================================================ ============== ============ ============ ============
Provision at 28 February 2023 10.0 37.6 12.1 59.7
Movements in provision charged/(credited) to income
statement:
Prior year provision utilised (0.1) (37.6) (2.9) (40.6)
Increase in provision period - 30.9 - 30.9
Exchange differences (0.5) - - (0.5)
------------------------------------------------------------ -------------- ------------ ------------ ------------
Provision at 31 August 2023 9.4 30.9 9.2 49.5
============================================================ ============== ============ ============ ============
14 Interest-bearing loans and borrowings
6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
-------------------------- ----------- ----------- ------------
Non-current liabilities
Revolving credit facility 325.0 325.0 325.0
========================== =========== =========== ============
The RCF is unsecured against the company's assets and includes
financial covenants relating to interest cover and adjusted
leverage.
Movement in interest-bearing loans and borrowings
6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
------------------------------------ ----------- ----------- ------------
Opening balance 325.0 100.0 100.0
Drawdown on rolling credit facility - 225.0 225.0
Interest accrued 9.4 3.5 9.6
Interest paid (9.4) (3.5) (9.6)
Capital paid - - -
Closing balance 325.0 325.0 325.0
==================================== =========== =========== ============
Reconciliation of movements in cash flows from financing
activities to movements in liabilities:
Balance Cash flow Additions, Statement Movement Balance
at from financing disposals of comprehensive in retained at 31 August
28 February activities and exchange income earnings 2023
2023 differences and other
reserves
GBP million GBP million GBP million GBP million GBP million GBP million
----------------- ------------- ---------------- -------------- ------------------ ------------- --------------
Equity 400.0 (15.3) - (16.6) 11.6 379.7
Leases 138.6 (8.6) (4.1) 1.2 - 127.1
Bank borrowings 325.0 (9.4) - 9.4 - 325.0
----------------- ------------- ---------------- -------------- ------------------ ------------- --------------
863.6 (33.3) (4.1) (6.0) 11.6 831.8
================= ============= ================ ============== ================== ============= ==============
Reconciliation of net debt:
6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
--------------------------------------- ----------- ----------- ------------
Cash and cash equivalents 290.0 314.6 330.9
Interest bearing loans and borrowings (325.0) (325.0) (325.0)
Net (debt) / cash and cash equivalents (35.0) (10.4) 5.9
======================================= =========== =========== ============
15 Lease liabilities
Minimum Within 1-2 years 2-5 years 5-10 years More than Total
lease 1 year 10 years
payments
due
GBP million GBP million GBP million GBP million GBP million GBP million
---------- ----------------- ------------------ ----------------- ----------------- ----------------- ---------------
31 August
2023
Lease
payments 13.7 11.6 36.4 51.2 31.7 144.6
Finance
charges (2.6) (2.4) (5.6) (5.4) (1.5) (17.5)
---------- ----------------- ------------------ ----------------- ----------------- ----------------- ---------------
Net
present
value 11.1 9.2 30.8 45.8 30.2 127.1
========== ================= ================== ================= ================= ================= ===============
6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
---------------------------- ----------- ----------- ------------
Current lease liability 11.1 8.1 12.1
Non-current lease liability 116.0 54.6 126.5
---------------------------- ----------- ----------- ------------
Total 127.1 62.7 138.6
---------------------------- ----------- ----------- ------------
Movement in lease liabilities:
6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
------------------------- ----------- ----------- ------------
Opening balance 138.6 51.9 51.9
Interest accrued 1.2 0.4 1.7
Cash flow lease payments (8.6) (6.1) (12.0)
Additions 2.1 16.5 97.0
Exchange differences (6.2) - -
Closing balance 127.1 62.7 138.6
========================= =========== =========== ============
The lease liabilities relate to leasehold properties.
16 Share capital
6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
------------------- ----------- ----------- ------------
At start of period 12.7 12.7 12.7
Share issues - - -
------------------- ----------- ----------- ------------
At end of period 12.7 12.7 12.7
=================== =========== =========== ============
Share capital at period end: 1,268,433,263 authorised and fully
paid ordinary shares of 1p each (2022: 1,268,186,789). No dividends
have been paid or are payable by the parent company for the period
ended 31 August 2022 (2022: GBPnil).
17 Shares to be issued
6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
----------- ----------- ------------
31.9 31.9 31.9
----------- ----------- ------------
The shares to be issued represents the fair value of the
contingent shares to be issued to the non-controlling interests of
PrettyLittleThing.com Limited, in accordance with the acquisition
agreement entered into and announced on 28 May 2020. Under this
agreement, 16,112,331 Ordinary Shares in boohoo group plc are to be
issued subject to the group's share price averaging 491 pence per
share over a six-month period, up until a longstop date of 14 March
2024. If this condition is not met, the consideration will
lapse.
18 Reserves
6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
------------------------------------------------------------------------- ----------- ----------- ------------
Translation reserve (0.4) (1.4) (0.8)
Capital redemption reserve 0.1 0.1 0.1
Reconstruction reserve (515.3) (515.3) (515.3)
Acquisition of non-controlling interest in PrettyLittleThing.com Limited (281.3) (281.3) (281.3)
Proceeds from issue of growth shares in boohoo holdings Limited 0.8 0.8 0.8
------------------------------------------------------------------------- ----------- ----------- ------------
(796.1) (797.1) (796.5)
------------------------------------------------------------------------- ----------- ----------- ------------
The translation reserve arises from the movement in the
revaluation of subsidiary balance sheets in foreign currencies; the
capital redemption reserve arose from a capital reconstruction in
2014; the reconstruction reserve arose on the impairment of the
carrying value of the subsidiary company in 2014 at that date; and
the acquisition of the non-controlling interest in
PrettyLittleThing is the excess of consideration paid over the
carrying value of the non-controlling interest as at the date of
acquisition in May 2020, written off to reserves.
19 Financial instruments
Fair values
6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
-------------------------------------------------- ----------- ----------- ------------
Financial assets
At amortised cost:
Cash and cash equivalents 290.0 314.6 330.9
Trade receivables 13.3 33.9 17.6
Accrued income 2.7 3.6 5.5
At fair value through profit or loss:
Cash flow hedges 0.9 - 0.2
At fair value through other comprehensive income:
Cash flow hedges 3.5 12.7 1.2
Equity investments 0.3 6.5 15.3
310.7 371.3 370.7
================================================== =========== =========== ============
6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
-------------------------------------------------- ----------- ----------- ------------
Financial liabilities
At amortised cost:
Trade payables 80.3 85.2 82.0
Other creditors 16.0 8.4 17.0
Accruals 147.5 153.6 125.6
Provisions 49.5 62.5 59.7
Interest-bearing loans and borrowings 325.0 325.0 325.0
Lease liabilities 127.1 62.7 138.6
At fair value through profit or loss:
Cash flow hedges 5.5 - 14.5
At fair value through other comprehensive income:
Cash flow hedges 0.2 38.9 3.4
-------------------------------------------------- ----------- ----------- ------------
751.1 736.3 765.8
================================================== =========== =========== ============
20 Capital commitments
Capital expenditure contracted for at the end of the reporting
period but not yet incurred is as follows:
6 months to 6 months to Year to
31 August 31 August 28 February
2023 2022 2023
GBP million GBP million GBP million
------------------------------ ----------- ----------- ------------
Property, plant and equipment 6.5 25.5 17.0
------------------------------ ----------- ----------- ------------
The capital commitment relates to automation equipment in the
Sheffield warehouse and fixtures and fittings at the US warehousing
facility in Pennsylvania.
21 Contingent liabilities
From time to time, the group can be subject to various legal
proceedings and claims that arise in the ordinary course of
business which may include cases relating to the group's brands and
trading names. All such cases brought against the group are
robustly defended and a liability is recorded only when it is
probable that the case will result in a future economic outflow and
that the outflow can be reliably measured.
As at 31 August 2023, there are no contingent liabilities, which
in the opinion of the directors are expected to have a material
adverse effect on its liquidity or operations.
Appendices
Growth rates on prior period revenue by region
Revenue by period for the 6 months to 31 August 2023 (FY24)
GBPm 3m to 31 May 3m to 31 August 6m to 31 August
------------------------------
FY24 FY23 yoy % yoy % CER FY24 FY23 yoy % yoy % FY24 FY23 yoy % yoy %
CER CER
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ ------
Total 370.1 445.7 -17% -17% 359.0 436.7 -18% -18% 729.1 882.4 -17% -18%
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ ------
Revenue by region
------ ------ ------ ------ ------ ------ ------
UK 221.2 272.1 -19% -19% 220.1 272.5 -19% -19% 441.3 544.6 -19% -19%
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------
ROE 43.4 49.6 -12% -14% 42.4 52.5 -19% -18% 85.8 102.1 -16% -16%
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ ------
USA 81.8 95.0 -14% -14% 75.4 82.4 -8% -9% 157.2 177.4 -11% -12%
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ ------
ROW 23.7 29.0 -18% -23% 21.1 29.3 -28% -28% 44.8 58.3 -23% -25%
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ ------
Revenue by period for the 6 months to 31 August 2022 (FY23)
GBPm 3m to 31 May 3m to 31 August 6m to 31 August
------------------------------
FY23 FY22 yoy % yoy % CER FY23 FY22 yoy % yoy % FY23 FY22 yoy % yoy %
CER CER
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ ------
Total 445.7 486.0 -8% -10% 436.7 489.8 -11% -13% 882.4 975.8 -10% -11%
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ ------
Revenue by region
------ ------ ------ ------ ------ ------ ------
UK 272.1 274.5 -1% -1% 272.5 294.9 -8% -8% 544.6 569.4 -4% -4%
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------
ROE 49.6 54.4 -9% -10% 52.5 50.0 5% 2% 102.1 104.4 -2% -4%
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ ------
USA 95.0 131.9 -28% -31% 82.4 118.6 -31% -35% 177.4 250.5 -29% -33%
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ ------
ROW 29.0 25.2 15% 10% 29.3 26.3 11% 5% 58.3 51.5 13% 8%
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ ------
Revenue by period for the year to 28 February 2023 (FY23)
GBPm 4m to 31 December 2m to 28 February 12m to 28 February
------------------------------
FY23 FY22 yoy % yoy % CER FY23 FY22 yoy % yoy % FY23 FY22 yoy % yoy %
CER CER
------ ------ ------ ---------- ------ ------ ------ ------ -------- -------- ------ ------
Total 637.7 714.5 -11% -13% 248.6 292.4 -15% -17% 1,768.7 1,982.8 -11% -13%
------ ------ ------ ---------- ------ ------ ------ ------ -------- -------- ------ ------
Revenue by region
------ ------ ------ ------ -------- -------- ------
UK 400.8 451.0 -11% -11% 146.1 182.4 -20% -20% 1,091.5 1,202.8 -9% -9%
------ ------ ------ ---------- ------ ------ ------ ------ -------- -------- ------
ROE 73.5 79.9 -8% -11% 30.9 34.9 -11% -14% 206.5 219.2 -6% -8%
------ ------ ------ ---------- ------ ------ ------ ------ -------- -------- ------ ------
USA 128.9 145.8 -12% -17% 57.4 55.3 4% -3% 363.7 451.6 -19% -24%
------ ------ ------ ---------- ------ ------ ------ ------ -------- -------- ------ ------
ROW 34.5 37.8 -9% -15% 14.2 19.9 -28% -36% 107.0 109.2 -2% -8%
------ ------ ------ ---------- ------ ------ ------ ------ -------- -------- ------ ------
GBPm 3m to 31 May 3m to 31 August 6m to 31 August
------------------------------
FY23 FY22 yoy % yoy % CER FY23 FY22 yoy % yoy % FY23 FY22 yoy % yoy %
CER CER
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ ------
Total 445.7 486.0 -8% -10% 436.7 489.8 -11% -13% 882.4 975.8 -10% -11%
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ ------
Revenue by region
------ ------ ------ ------ ------ ------ ------
UK 272.1 274.5 -1% -1% 272.5 294.9 -8% -8% 544.6 569.4 -4% -4%
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------
ROE 49.6 54.4 -9% -10% 52.5 50.0 5% 2% 102.1 104.4 -2% -4%
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ ------
USA 95.0 131.9 -28% -31% 82.4 118.6 -31% -35% 177.4 250.5 -29% -33%
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ ------
ROW 29.0 25.2 15% 10% 29.3 26.3 11% 5% 58.3 51.5 13% 8%
------ ------ ------ ---------- ------ ------ ------ ------ ------ ------ ------ ------
CER in this appendix for the period ended 31 August 2022 is
calculated using exchange rates prevailing during the period ending
31 August 2023.
CER in this appendix for the year ended 28 February 2022 is
calculated using exchange rates prevailing during the year ending
28 February 2023.
Nomenclature: ROE - rest of Europe; ROW - rest of world; yoy -
year-on-year; CER - constant exchange rate
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END
IR BCBDGDGGDGXD
(END) Dow Jones Newswires
October 03, 2023 02:00 ET (06:00 GMT)
Grafico Azioni Boohoo (LSE:BOO)
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Da Apr 2024 a Mag 2024
Grafico Azioni Boohoo (LSE:BOO)
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Da Mag 2023 a Mag 2024
