Belfast Telegraph

Record Black Friday sales drive Boohoo to ‘strong’ trading performance

The company said its performance was ‘comfortably in line’ with trading forecasts for the rest of the year.

Online retailer Boohoo hailed ‘record’ trading over the Black Friday weekend (Boohoo/PA)
Online retailer Boohoo hailed ‘record’ trading over the Black Friday weekend (Boohoo/PA)

By Henry Saker-Clark, PA City Reporter

Boohoo has hailed “strong” sales since the end of August as the online fashion giant said it benefited from a record performance across the Black Friday weekend.

The company said it is “comfortably in line” with forecasts for the rest of the year, having posted a 43% jump in revenues in the six months to August 31.

It added that its recently acquired brands – Karen Millen, Coast and MissPap – have all been “successfully integrated” onto its platform.

Boohoo said that initial ranges for the brands have been “very well received” as it will continue to broaden its product ranges as part of its growth strategy.

Boohoo purchased the Karen Millen and Coast brands out of administration in August, launching them online in October after administrators closed their 32 retail stores.

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Boohoo purchased Karen Millen out of administration (Nick Ansell/PA)

It has also previously hailed “rapid” sales for the MissPap brand it purchased in March.

The fashion business also said on Tuesday that both of its warehouses have had a strong operational performance as they gear for the busy Christmas period.

Analysts at Liberum said: “That Boohoo has had a record Black Friday is not, in itself, unexpected for a growth company.

“However it is pleasing given discounts this year were typically a blanket 30% off for the Boohoo brand rather than last year’s ‘up to 60% off’.”

The online retailer has seen its shares lift higher in 2019, recently taking its market value past rival Asos for the first time, on the back of continued rapid growth across its brands.

Boohoo also posted an 83% jump in pre-tax profits to £45.2 million when it reported its first half profits in September.

The surge in growth has come at a time when high street retailers with significant property costs have felt the strain, with a number of major brands falling into administration and shutting stores.

PA

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