Boohoo appears to have taken top slot as the UK’s most successful online fashion retailer. It has posted a 44 per cent increase in its revenues for the year to 29th February, reaching £1.235bn with pre-tax profits up by 54 per cent. During the year it had acquired the MissPap, Karen Millen and Coast brands and suggestions are now that it could well strike a deal with administrators for the Oasis and Warehouse brands and IP, minus the employees and the stores.
The business did admit to there having been mixed trading in March as the Covid-19 pandemic impacted sales but that volume had improved in more recent weeks. It would not be issuing guidance for y/e 28 February 2021 until the pattern and level of trading settles.
In a statement the business said: “The group has taken steps to understand, as far as possible, the risks and impact that the pandemic may potentially have on its operations, analysing a range of scenarios, factoring on a downturn in demand and the possibility of warehouse closures.
“Although it is not possible to predict precisely the impact from Covid-19, we have ensured that we have stress-tested our liquidity under these scenarios. From this, we are comfortable that the group has sufficient financial headroom, benefiting from its largely variable cost base, low cash burn rate and strong balance sheet with £241m of net cash at year end.”
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