Belfast Telegraph

No tears for retailer Boohoo as profits soar by 42%

By Ben Woods

Online retailer cheered a surge in profit after a strong demand for denim, swimwear and lingerie helped sales soar.

The fast-fashion firm said pre-tax profits stepped up 42% to £15.7m in the year ending February 29, after the decision to introduce petite and plus-size clothing ranges paid off.

Revenue climbed 40% to £195.4m over the period, as the number of customers also rose 34% year-on-year to four million.

It said UK sales lifted 38% to £130m for 2016 following a "strong performance" from its womenswear range.

But despite the better-than-expected results, shares slipped 0.5p to 49.5p.

Joint chief executives Mahmud Kamani and Carol Kane said: "We are pleased to report a year of strong revenue growth across all geographic regions.

"Active customer numbers, order frequency and conversion have all increased on last year as we continue to invest."

Belfast Telegraph


From Belfast Telegraph