Online retailer Boohoo.com raises its sales forecast after doubling its sales in its first quarter sales
Popular online retailer Boohoo.com has raised its sales forecast after it doubled its sales in the three months to 31 May, according to its latest trading update.
The company raised its revenue forecast to 60pc for the year to February 2018. Previously it had forecasted revenue growth of 50pc.
The group, which also includes brands PrettyLittle Thing and Nasty Gal, recorded revenue of £120.1m, up a huge 106pc on the same period in 2016.
Gross margin at the company, which was founded in Manchester in 2006 and targets 16-30 year old consumers, was 54.2pc.
“Our performance in the first quarter has been very encouraging across all brands and geographic regions. While it is early in the year Boohoo continues to perform well,” Mahmud Kamani and Carol Kane, joint CEO’s of Boohoo said.
Across the group the combination of increased product ranges, strong brand image, competitive prices, and good customer service continue to drive sales momentum, the company said.
Online companies like Boohoo and Asos are increasing market share as consumers move away from traditional high street store shopping.
Earlier this year Retail Ireland director, Thomas Burke said that over the past six to eight months retailers in Ireland were “definitely seeing the impact of online starting to bite in some sectors.”