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Boohoo makes strong start to financial year

Online fashion retailer Boohoo.com has said it made a good start to the financial year with revenues rising by 35% to £41.3 million in the three months to the end of May.

GENERAL MERCHANDISE

Boohoo makes strong start to financial year

Online fashion retailer Boohoo.com has said it made a good start to the financial year with revenues rising by 35% to £41.3 million in the three months to the end of May.

In the UK, sales rose by 27% as sales were boosted by a marketing campaign.

In a statement, the company said: “We have seen a good start to the financial year with improved momentum in the UK supported by our spring/summer #WeAreUS campaign. Sales in the UK were up 27% in the quarter as we continued to grow our share of traffic, acquire new customers and increase order frequency with existing customers on the back of planned increases in marketing spend and investment in our customer proposition.”

International sales grew strongly and now represent 36% of group sales as Boohoo followed its strategy of focusing on fewer key markets. Rest of Europe sales increased by 27% in the quarter while the Rest of World segment saw sales growth accelerate to 66% in the period.

The company also grew its number of active customers which increased by 32% year-on-year to reach 3.3 million.

Boohoo.com joint chief executives Mahmud Kamani and Carol Kane said: "We continue to build boohoo.com for the long term and our clear objective is to deliver sustainable future growth. We remain absolutely focussed on the execution of our strategy to continue to invest in our customer proposition and build market share in our key markets. 

“Our investments in the warehouse are on track and we plan to begin partial utilisation of the warehouse extension from July. Whilst we have invested in accelerating our growth during the quarter, our important peak trading periods are yet to come. The board's expectations for full year profit remain unchanged."

 

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