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Online fashion retailer Boohoo raises revenue target after strong Christmas

January 15, 2019 7:46 AM
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While rival ASOS issued a profit warning before Christmas, Boohoo saw sales jump in the UK and US market.

The owner of Nasty Gal and Pretty Little Thing said revenue rose 44% to £328.2m in the four months to 31 December, up from £228.2m a year earlier. In the UK, revenues rose 33% to £180m and US sales jumped 78% to £70.4m.

Boohoo now expects revenues for the year to 28 February to rise by between 43% to 45%, ahead of its previous guidance of 38% to 43%.

Mahmud Kamani and Carol Kane, joint chief executives, said: "We remain firmly focused on continuing to provide our customers with great fashion at unbeatable value.

"The global growth opportunity is significant and we will be addressing it in a controlled way - investing in our proposition, operations and infrastructure to capitalise on the opportunity."

Retail shares took a pounding after rival online fashion retailer ASOS issued a profit warning before Christmas, saying there had been a significant deterioration in sales growth.

The unscheduled trading update added to fears the festive period could be catastrophic for high street retailers.

While Debenhams and Marks & Spencer reported a fall in sales amid heavy discounting on the high street, Tesco and John Lewis Partnership had a comparatively better festive trading period.

Yesterday, JD Sport issued a "robust" trading update as it rolls out its clothing chain overseas.

Source: news.sky.com

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