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No tears for retailer Boohoo as profits soar by 42%


Carol Kane of Boohoo.com

Carol Kane of Boohoo.com

Carol Kane of Boohoo.com

Online retailer Boohoo.com 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