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Boohoo posts increase in sales and profits

Online fashion retailer Boohoo.com has said that the launch of new ranges helped revenues to rise by 27% to £139.9 million in the year to end February.

GENERAL MERCHANDISE

Boohoo posts increase in sales and profits

Online fashion retailer Boohoo.com has said that the launch of new ranges helped revenues to rise by 27% to £139.9 million in the year to end February.

The company also saw a rise in pre-tax profits which increased by 3% to £11.1 million in the year.

Full year revenue in the UK climbed by 33% although second half growth was impacted by heavy discounting by high street retailers due to the unseasonably warm autumn.

Revenue in the rest of Europe grew by 39% despite the impact of the weakening euro. Sales in the rest of the world edged up 7%.

The company said one third of its revenue is now generated outside of the UK.

Mahmud Kamani and Carol Kane, joint chief executives of Boohoo, said: "We are pleased to report a year of significant progress on so many fronts. While delivering a result in line with our revised guidance, we have also taken major steps operationally to ensure boohoo is prepared for the anticipated growth ahead.”

The company said it had extended its product range in the period with the launch of Boohoo Petite and Boohoo FIT, and additions to its rapidly growing Boohoo Plus range.

Kamani and Kane added: "We have seen a good start to the new financial year with improved momentum in the UK.  Our international momentum has continued, reflecting greater focus on our key markets. Overall, the business continues to trade in line with management's expectations."

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