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Boohoo Sales Surge at End of 2018

The online fashion retailer, which also owns the PrettyLittleThing and Nastygal fashion labels, saw revenues in the four-month period jump 44% to £328.2m. It revised its revenue growth forecast for the financial year to 43%-45%, up from a previous estimate of 38%-43%

Boohoo sells clothes, accessories and shoes for the 16 to 30-year-old market.

The company, which was founded in 2006, distributes its stock from a huge warehouse in Burnley, and it claims to have more than five million customers.

Boohoo called the figures “another great set of results”. Revenue from PrettyLittleThing nearly doubled, rising by 95% to £144.2m, while there was 74% growth in NastyGal’s revenue to £20.6m.

Julie Palmer, partner at business consultancy Begbies Traynor, said Boohoo’s results would “go some way to restoring calm” after the surprise pre-Christmas profit warning from rival online fashion retailer Asos.

Emily Salter, retail analyst at data and analytics company GlobalData, said: “The Boohoo group appears to have been immune to the tough retail conditions faced by UK retailers over the past few months.”

She added that 2019 should be another successful year, but warned UK growth could slow because of “the relative maturity of the brands”.

“The group therefore needs to invest in the proposition, operations and infrastructure in key global markets to allow for further growth, especially the USA, where the group experienced a 77.7% increase in revenue during the period.”

This article originally appeared in BBC News.

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