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Boohoo lifts sales guidance after strong Christmas trading

Online fashion retailer Boohoo.com enjoyed strong trading in the four months to end December with revenues increasing by 55%.

FASHION

Boohoo lifts sales guidance after strong Christmas trading

UK sales were up 31% in the period while sales in the rest of Europe, USA and rest of the world climbed by 63%, 230% and 66% respectively.

Mahmud Kamani and Carol Kane, joint Boohoo chief executives, said: "Trading in the four months to 31 December 2016 has been strong across all regions. Our strategy offering great pricing, enticing promotions and an ever-broader range of the latest fashion continues to drive growth and enhance customer lifetime value. In particular, sales momentum in the USA has continued robustly, helped by our strong customer proposition across the Black Friday weekend.”

The company has now completed its acquisition of a 66% stake in fashion retailer Pretty Little thing.

Kamani and Kane added: “This is a fantastic brand to complement Boohoo.com's own brand, and we look forward to building on its success.”

Boohoo.com now expects revenue growth, excluding Pretty Little Thing, to be between 43% and 45% in the year to 28 February 2017, which is above the previous guidance of between 38% and 42%.

Yesterday Boohoo.com announced that it had moved one step closer to acquiring the US Nasty Gal fashion brand after the US Bankruptcy Court approved the process for the sale of the Nasty Gal assets.

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