THE RETAIL BULLETIN - The home of retail news
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Property
Shopping Centres & Retail Parks
Sports & Leisure
RETAIL INSIGHTS
RETAIL SOLUTIONS
Omnichannel Futures Conference 2020
Online Conversion Summit 2020
Future of Retail Marketing 2020
The HR Summit 2020
AI in Retail Conference 2020
ABOUT
CONTACT
SUBSCRIBE FOR FREE
Boohoo posts strong first quarter sales growth

Boohoo has seen its group revenue climb by 106% to £120.1 million in its first quarter following its acquisitions of the Pretty Little Thing and Nasty… View Article

FASHION

Boohoo posts strong first quarter sales growth

Boohoo has seen its group revenue climb by 106% to £120.1 million in its first quarter following its acquisitions of the Pretty Little Thing and Nasty Gal brands.

In the three months to 31 May, sales at online fashion retailer Boohoo rose by 48% to £86.4 million with sales in the UK up 41%. Sales in its rest of Europe business were up 44% while sales in the USA and rest of the world rose by 97% and 50% respectively. During the period, the number of active customers grew by 24% year-on-year to £5.2 million.

Sales at Pretty Little Thing reached £30.7 million while Nasty Gal’s revenue was £2.9 million.

Boohoo joint chief executives Mahmud Kamani and Carol Kane said: “Our performance in the first quarter has been very encouraging across all brands and geographic regions.

“While it is early in the financial year, Boohoo continues to perform well and Pretty Little Thing delivered exceptionally strong revenue growth in the first quarter as it continues to expand its young female customer base.

“Nasty Gal has made a promising start since we acquired the brand, with revenues growing strongly month-on-month, as we increased the product range.”

As a result of the strong trading momentum in the quarter, Boohoo now expects group revenue growth for the full year to February 2018 to be around 60%, which is ahead of previous guidance of around 50%.

Boohoo also announced that it plans to raise £50 million through the placing of shares with new and existing institutional investors.

It will also construct a new automated super-site warehouse which will provide Boohoo with over £1.5 billion of net sales capacity, in addition to the estimated £1 billion net sales being provided by its Burnley site. The land acquisition of the new site, together with the construction, is expected to cost around £150 million over three years.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2020
Omnichannel Futures Conference 2020
5 February 2020
Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Online Conversion Summit 2020
Online Conversion Summit 2020
April 30 2020
The Hallam Conference Centre, London W1W 6JJ
The Retail Bulletin Online Conversion Summit 2020 Partnered by IMRG
Future of Retail Marketing 2020
Future of Retail Marketing 2020
9 June 2020
Hallam Conference Centre, 44 Hallam St, London W1W 6JJ
The Future of Retail Marketing for Customer Engagement
The HR Summit 2020
The HR Summit 2020
1 October 2020
Hallam Conference Centre, London W1W 6JJ
Company values, collaboration with employees and driving a major HR transformation to create a truly omnichannel experience, need to be at the heart of the organisation's culture and brand
AI in Retail Conference 2020
AI in Retail Conference 2020
14 October 2020
Hallam Conference Center, 44 Hallam Street, London W1W 6JJ
CONFERENCE AIMED AT RETAILERS WORKING IN MARKETING, IT, DIGITAL, DATA AND TECHNOLOGY