Boohoo Group has released its first quarter earnings, reporting that Group total revenue increased 45% to £367.8 million.
The extraordinary result is despite disruption caused by COVID-19.
The business, which counts Australia as a key market, reported that its international segment increased 29.4% year on year for the period.
Despite the challenges posed by COVID-19, the business reported strong gross margin performance up 60 basis points year on year to 55.6%.
Alongside its first quarter results, Boohoo Group also acquired the online businesses and all IP associated with two UK brands, Oasis and Warehouse.
Boohoo acquired the well-established, fashion-forward businesses for £5.25 million in cash from Hilco Capital Limited.
In the most recent financial year ending February 2020, unaudited management information shows that Oasis and Warehouse generated direct online revenues of £46.8 million in aggregate.
During the quarter Boohoo also acquired the remaining 34% minority interest in Pretty Little Thing.
In addition, the business reports that it raised gross proceeds of £197.7 million from shareholders through a placing in order to take advantage of numerous merger and acquisition opportunities that are likely to emerge in the global fashion industry over the coming months.
Boohoo Group finished the quarter with in excess of £350 million of net cash on its balance sheet.
Boohoo Group CEO John Lyttle said that while the past few months have been challenging, the business is still making progress.
"During unprecedented and challenging times, the Group has delivered a very strong trading and operational performance.
"I am proud of how our colleagues and business partners from around the world have responded to ensure that we can safely bring to our customers the latest fashions, great value, fantastic prices and best in class service.
"Whilst there is a period of uncertainty within the markets in which we operate, the Group is well-positioned to continue making progress towards leading the fashion e-commerce market globally," he said.
For the current financial year ending 28 February 2021, the Group expects to deliver another year of profitable growth.
Revenue growth is anticipated to be approximately 25% for the current financial year, with an adjusted EBITDA margin of 9.5% to 10%.
In a statement the Group said that it has taken consumer uncertainty into account.
"This guidance reflects our expectation for an ongoing period of consumer uncertainty, likely promotional intensity in markets in which we operate, as well as continued near-term carriage inflation for some of our overseas markets.
"This guidance also reflects ongoing investments into our more established brands as well as anticipated investments into new and recently acquired brands through the course of the financial year.
"In the current financial year we will continue to invest into our infrastructure and operations to support our future growth ambitions, with capital expenditure expected to be in the region of £60 million to £80 million.
"The strength of our trading and operational performance in the period further underpins our confidence in our medium term guidance for 25% sales growth per annum and a 10% adjusted EBITDA margin, which remains unchanged," the business said.