Fashion giant Boohoo posts soaring first quarter sales
Manchester fashion brand Boohoo has posted surging sales in the first quarter as it pushes ahead with ambitious expansion plans.
Group sales at the online retailer, which is based in Ancoats, soared 53% to £183.6m in the three months to May 31.
The firm – which includes Boohoo, Pretty Little Thing and Nasty Gal – has seen strong revenue growth and market share gains across all geographies with UK sales up 49% and international sales up 60%.
The main Boohoo brand brought in £97.2m up 12%, while Pretty Little Thing delivered £79.2m up 158% and Nasty Gal made £7.2m in the first quarter.
Bosses said trading during this period had been strong and ‘in line with expectations.’
For the full year they expect group revenue growth to be 35% to 40% with adjusted EBITDA margin between 9% to 10%.
Joint CEOs Mahmud Kamani and Carol Kane said: “We are very pleased with the group’s results for the first quarter of the financial year.
“Our multi-brand strategy is delivering above-market rates of growth globally.
“Significant market share gains have been achieved in all of our key focus markets, with our compelling combination of the latest fashion at incredible prices, backed by great customer service resonating strongly with our customers.
“The scale of group revenue is aligning with our ambition to become one of the dominant global online retailers and our focus on profitability continues to deliver industry-leading margins.
“Our infrastructure continues to see record levels of investment as we invest ahead of our growth curve and develop a distribution network capable of supporting £3bn of net sales globally.
“The distribution centre extension and automation project at Burnley remain on track to complete towards the end of the financial year, with PrettyLittleThing’s move to its own warehouse expected to complete early in the second half of the financial year.
We remain highly encouraged by our performance in the first quarter and confident of our expectations for the remainder of the year and beyond as we continue to execute on our winning strategy.”