Belfast Telegraph

Boohoo celebrates strong first half

The group reported a 106% increase in sales to £262.9 million in the six months to August 31 as pre-tax profit rose 41% to £20.3 million.

Online fashion retailer Boohoo has upgraded its revenue guidance after half year sales rocketed as it reaps the rewards of international growth and acquisitions.

The group reported a 106% increase in sales to £262.9 million in the six months to August 31 as pre-tax profit rose 41% to £20.3 million.

Growth was helped by the recently acquired PrettyLittleThing, which clocked up a 289% rise in sales to £72.7 million.

Joint bosses Mahmud Kamani and Carol Kane said that the stellar results gives the firm “confidence to raise guidance for the full year”.

Boohoo now expects group revenue growth to come in around 80% up on last year, an increase on previous guidance of 60%.

Mr Kamani and Ms Kane said: “Boohoo’s revenue has continued to grow across all geographies, with international growth being strongest as we continue to increase our market share overseas, and the newly acquired PrettyLittleThing brand has exceeded our growth expectations.

“PrettyLittleThing is fast gaining recognition amongst our target consumers as a highly desirable fashion brand in the UK, and its international growth is very encouraging, confirming its considerable potential.”

They also pointed to the success of boohooMAN and Nasty Gal, another of its sub-brands.

The firm has gone from strength to strength of late, with its market capitalisation closing in on £3 billion.

Earlier this year Boohoo raised £50 million to help fund a new warehouse in a bid to keep up with soaring demand.

The “automated super-site” will provide Boohoo with more than £2 billion of sales capacity.

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