May 8, 2021

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BUSINESS LIVE: Boohoo is enjoying significant revenue growth

Direct Business: Boohoo enjoys significant revenue growth; ITV sees criticism from ads bouncing back; IKEA is launching an old furniture buy-back scheme

The FTSE 100 got off to a good start this morning, rising more than 0.62 percent, or 42.65 points, to 6,965.82 in early trade.

A boom in online shopping during the pandemic helped boost Boohoo’s revenue 41 per cent to £ 1.7 billion last year.

The group, which owns a string of brands including Debenhams, Oasis and Warehouse, said revenue growth across “all regions and brands was strong” in the year through February 28, adding that UK sales rose 39 per cent.

The online retailer, which has come under scrutiny over allegations of low wages and poor working conditions, said it expects the benefits seen from lower revenues over the past year “will start to fade this year.”

Broadcaster ITV saw an increase in revenue over the last quarter as boosted by strong growth in production and distribution of ITV studios.

ITV said it has been “encouraged” to trade in recent months and has been “cautiously optimistic” about the year ahead.

Ikea launched its scheme to buy back and resell furniture in an effort to cut the amount of products going to the landfill.

Customers will get coupons to spend in store if items they no longer need are returned in good condition.