Belfast Telegraph

UK Website Of The Year

Boohoo's sales climb 55% during strong festive season

By Ravender Sembhy

Online retailer Boohoo.com has upgraded its full-year revenue forecasts following a bumper Christmas trading period. The group said sales in four months to December 31 rose 55% to £114m, driven by a 31% increase in UK sales to £65m.

As a result, Boohoo expects sales growth of between 43% and 45% in the year to February 28 2017 - above previous guidance of between 38% and 42%.

In December, the online retailer revealed plans to acquire the brand of collapsed US fashion firm Nasty Gal in a $20m (£16m) deal.

It came weeks after Boohoo acquired rival fashion website Pretty Little Thing for £3.3m and upped its profit outlook following bumper Black Friday trading.

Including Pretty Little Thing, the firm now expects group revenue growth to be between 46% and 48%.

Joint chief executives Mahmud Kamani and Carol Kane said: "Trading in the four months to December 31, 2016 has been strong across all regions.

"Our strategy offering great pricing, enticing promotions and an ever-broader range of the latest fashion continues to drive growth and enhance customer lifetime value.

"In particular, sales momentum in the USA has continued robustly, helped by our strong customer proposition across the Black Friday weekend.

"We are delighted to have completed the acquisition of a majority stake in Pretty Little Thing on January 3 and we welcome the team to the enlarged Boohoo.com group."

Belfast Telegraph

Popular

From Belfast Telegraph