No tears as Boohoo sales keep soaring
BOOHOO SALES have soared over the past four months, putting the online fashion retailer on track to surpass profit and revenue forecasts for the year.
The online retailer continued its recent rapid growth to post a 44 per cent jump in revenues to £473.7m for the four months to December 31.
Boohoo said it was pleased with growth across its core brands as well as recently acquired brands Karen Millen, Coast and MissPap.
This is the latest in a series of profit upgrades by the Manchester-based retail group which has gone from strength to strength in recent years despite wider challenges in the retail sector.
The group said it expects to deliver revenue growth of between 40 per cent and 42 per cent for the year to February 2020, ahead of its previous range of between 33 per cent and 38 per cent growth.
It added that profit margins are expected to be between 10 per cent and 10.2 per cent, just ahead of its previous forecast of 10 per cent.
The Boohoo brand saw sales jump 42 per cent over the past four months to £232.6m, while sales for its PrettyLittleThing brand increased by 32 per cent to £190.8m for the period.
Fast-growing brand Nasty Gal continued to see sales surge, with revenues for the period rocketing 102 per cent to £41.5m.
Meanwhile, the firm also lauded the “successful integration” of the three brands it acquired last year.
John Lyttle, chief executive of Boohoo, said: “I am delighted to report the group has enjoyed record trading in the last four months of 2019.
“All of our brands have performed exceptionally well and delivered strong market share gains. We have continued to see operating leverage in our more established brands and will continue to invest into them and our newly-acquired brands.”
Mr Lyttle added yesterday: “The newly-acquired brands, MissPap, Karen Millen and Coast, are showing great promise and open different target markets for the group, in line with our strategy to build our multi-brand platform.”