Boohoo revenues soar after PrettyLittleThing deal
Online fashion retail group Boohoo has more than doubled its half-year revenues thanks to “excellent progress” across all its brands, including the recently acquired PrettyLittleThing brand.
The Manchester-headquartered group reported revenue of £262.9m for the six-month period to 31 August 2017, a significant increase of 106 per cent from £127.3m a year earlier.
Revenue from boohoo.com grew by 43 per cent to £181.8m and sales from PrettyLittleThing.com soared by 289 per cent to £72.7m, exceeding expectations.
Meanwhile, Nasty Gal generated revenue of £8.4m, increasing month-on-month from start-up in March 2017.
Boohoo also enjoyed a 41 per cent surge in profit before tax, rising from £14.4m to £20.3m.
"We are pleased to report excellent progress for the group in the first half of the year across all our brands,” joint CEOs 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 PrettyLittleThing brand has exceeded our growth expectations.
"PrettyLittleThing 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. boohooMan has also performed very well, with high growth rates in the UK and overseas.
"Nasty Gal was rebuilt by us from virtually a zero base after acquisition in March this year and it is growing well month-on-month."
Mahmud and Carol said the group has continued to make "significant investment in IT infrastructure and warehouse capacity" to ensure stable and sustained execution of its growth strategy.
They 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."
Boohoo.com bought US fashion firm Nasty Gal out of bankruptcy for £20m earlier this year, and last year purchased online retailer PrettyLittleThing.