Boohoo posts strong first quarter growth
Boohoo, the online fashion retail group, increased its group revenue by 53% to £183.6 million in its first quarter.
The company said it had seen strong revenue growth and market share gains across all of its territories in the three months to 31 May as UK and international sales rose by 49% and 60% respectively.
Mahmud Kamani and Carol Kane, Boohoo joint chief executives, said: “We are very pleased with the group’s results for the first quarter of the financial year. Our multi-brand strategy is delivering above-market rates of growth globally. Significant market share gains have been achieved in all of our key focus markets, with our compelling combination of the latest fashion at incredible prices, backed by great customer service resonating strongly with our customers.”
At the Boohoo brand revenue climbed by 12% to £97.2 million while Pretty Little Thing saw growth of 158% to £79.2 million.
Meanwhile, Nasty Gal increased its revenue by 149% to £7.2 million.
Pretty Little Thing’s move to its own warehouse is expected to complete early in the second half of the financial year.
Boohoo said it expects group revenue growth for the full year to be 35% to 40% with an adjusted EBITDA margin of between 9% to 10%. All other guidance for the current financial year and medium-term guidance to deliver sales growth of at least 25% per annum and a 10% EBITDA margin remains unchanged.
Kamani and Kane added: “We remain highly encouraged by our performance in the first quarter and confident of our expectations for the remainder of the year and beyond as we continue to execute on our winning strategy.”
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