Boohoo enjoys explosive growth as revenues rocket
Online fashion retail group Boohoo has hailed a solid first quarter as revenues soared thanks to a strong performance from all its brands, including PrettyLittleThing.
The listed group, which is headquartered in Manchester, posted total revenue of £183.6 million for the three months to 31 May 2018, which constitutes the first quarter of the company’s 2019 financial year.
This was an increase of 53 per cent from £120.1 million generated a year earlier.
UK revenues soared by 49 per cent to £110.7 million and Boohoo also enjoyed a 60 per cent surge in international sales.
Joint CEOs Mahmud Kamani and Carol Kane said they were "very pleased" with the results.
"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," they said in a joint statement.
“The scale of group revenue is aligning with our ambition to become one of the dminant global online retailers and our focus on profitability continues to deliver industry-leading margins.”
The boohoo, PrettyLittleThing and Nasty Gal brands grew sales by 12 per cent to £97.2m, 158 per cent to £79.2m and 149 per cent to £7.2m, respectively.
In April, PrettyLittleThing announced it was setting up an eCommerce operation in Sheffield which is expected to commence in July and will create 1,200 jobs by the end of the year.
Kamani and Kane added: "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."
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