Boohoo’s £300m bonanza
ONLINE fashion store Boohoo is poised to reveal a profit surge this week as it confirms annual sales have leaped to almost £300 million.
The stock market value of the internet shop has now soared far above that of many bricksand-mortar rivals.
The company’s share price has tripled in the past year, meaning the business is now worth more than £2 billion. That pushes its value to above that of billionaire Mike Ashley’s Sports Direct, which is worth £1.7 billion. Boohoo is worth three times the value of department store Debenhams.
The meteoric rise of Boohoo has been one of the few bright spots among listed retailers over the past year. Analysts expect the company to say profit in the year to the end of February almost doubled to about £30 million while sales rose by 50 per cent.
Stockbroker Peel Hunt expects further profit upgrades because of growing momentum at the company’s US division.
The shares have risen from 47.5p one year ago to 179p on Friday.