Friday 17 January 2020

Growing in style: Boohoo hikes revenue forecast after defying gloom of UK retail

Boohoo said it was pleased with growth across its core brands, as well as recently acquired brands Karen Millen, Coast and MissPap
Boohoo said it was pleased with growth across its core brands, as well as recently acquired brands Karen Millen, Coast and MissPap

Henry Saker-Clark

Boohoo sales have soared over the past four months, putting the online fashion retailer on track to surpass profit and revenue forecasts for the year.

The company continued its recent rapid growth to post a 44pc jump in revenues to £473.7m (€554m) for the four months to December 31.

Boohoo said it was pleased with growth across its core brands, as well as recently acquired brands Karen Millen, Coast and MissPap.

This is the latest in a series of profit upgrades by the Manchester-based group, which has gone from strength to strength in recent years, despite wider challenges in the retail sector in Britain.

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The group said it expected to deliver revenue growth of between 40pc and 42pc for the year to February 2020, ahead of its previous range of between 33pc and 38pc.

It added that profit margins were expected to be between 10pc and 10.2pc, slightly ahead of its previous forecast of 10pc.

The Boohoo brand saw sales jump 42pc over the past four months to £232.6m, while sales for its PrettyLittleThing brand increased by 32pc to £190.8m for the period.

Fast-growing brand Nasty Gal continued to see sales surge, with revenues for the period rocketing 102pc to £41.5m.

Meanwhile, the firm lauded the "successful integration" of the three brands it acquired last year.

The company also said it had named former JD Sports finance boss Brian Small, a current non-executive director, as deputy chairman.

Irish Independent

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