Boohoo reports strong uplift in sales and profit
Online fashion retailer Boohoo has seen a surge in its first half sales and profit as it continues to experience strong international growth.
In the six months to 31 August, pre-tax profit climbed by 41% to £20.3 million while revenue increased by 106% to £262.9 million.
Revenue at Boohoo was up 43% to £181.8 million while revenue at Pretty Little Thing rose by 289% to £72.7 million.
Boohoo joint chief executives Mahmud Kamani and Carol Kane said: “Boohoo's revenue has continued to grow across all geographies, with international growth being strongest as we continue to increase our market share overseas, and the newly acquired Pretty Little Thing brand has exceeded our growth expectations. Pretty Little Thing is fast gaining recognition amongst our target consumers as a highly desirable fashion brand in the UK, and its international growth is very encouraging, confirming its considerable potential.”
Boohoo said the integration of Pretty Little Thing and its newly acquired Nasty Gal brand had been a success and had added diversity to the business.
The company said it had continued to make significant investment in its IT infrastructure and warehouse capacity in the period as it executes its growth strategy.
Kamani and Kane added: “We will continue to invest in the customer proposition, further develop our brands and maximise the considerable opportunities that a global marketplace affords us. The strong performance in the first half-year and our expectations for the second half have given us confidence to raise guidance for the full year."
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