Boohoo profits climb by 40%
Online fashion retailer Boohoo has reported surging full-year sales and profits after reaping the rewards of successful acquisitions.
Weekly Business Digest Newsletter
The group reported a 97% increase in revenue to £579.8m in the year to February 28 as pre-tax profit rose 40% to £43.3m.
Growth was helped by the recently acquired PrettyLittleThing, which clocked up a 228% rise in sales to £181.3m.
Joint bosses Mahmud Kamani and Carol Kane said the results had been achieved against the "backdrop of difficult trading in the UK clothing sector".
They added: "The group made great progress during the year, integrating a new company, PrettyLittleThing, and a new brand, Nasty Gal, into the Boohoo group.
"Revenue from Boohoo continued to grow strongly, whilst there has been an exceptional performance from PrettyLittleThing, and Nasty Gal exceeded our estimates."