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Boohoo celebrates global growth

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Fashion etailer Boohoo saw its total revenue soar by 41% in its first quarter to 31 May. Its strong results in the UK were supported by third party sales.

UK sales grew by 42% while Boohoo's Rest of Europe business increased by 40%. In the rest of the world sales were also up by 37%.

The young ecommerce site recorded its customer base as up 30% year-on-year to 4.2m active customers.

Boohoo also noted that it will continue with its warehouse expansion programme to fit out three additional floors in order to keep up with growing demand.

"We are encouraged by our performance in the first quarter, with revenue growth in all geographic regions and slightly ahead of our expectations. Our international business continues to gather momentum and accounts for 36% of revenue" commented joint Chief Executives Mahmud Kamani and Carol Kane .

"We continue to broaden our product range, increase our fashion appeal and offer incredible prices. Active customer numbers, order frequency, basket size and conversion continue to climb.

"We now expect sales growth for the financial year of between 25% and 30%. We continue to execute on our strategy and refine our ecommerce platform to deliver a market-leading shopping experience for fashionable product at incredible prices."

 

Published on Wednesday 08 June by Talya Misiri

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