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PRIVACY
Retail & Consumer

Boohoo revenues exceed £1bn as CEO John Lyttle hails a 'great year' despite Covid-19 economic impact

Revenues up 44% as firm adapts to new working

Boohoo advert(Image: MDM)

Revenues at fast fashion brand Boohoo have soared over £1bn - up almost 50% on the year before.

The Manchester -based firm's CEO John Lyttle has hailed a "great year" despite the coronavirus outbreak after revenues reached £1.23bn to the year ending February 29 - up 44% from £856m on the year before.

Profits also rose by 54% - from £59.9m to £92.2m.

In its final year results, a statement from John Lyttle, CEO, said: "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."

The firm said that since the middle of March, trading has been "mixed" as a result of the impact of the Covid-19 pandemic, initially with a marked decrease in year-on-year growth.