Online fashion player boohoo.com saw sales jump to £41.3m in its first quarter, up 35% on last year. The increase in sales was boosted by marketing campaigns and by price and customer investments. The e-tailer said its profit expectations for the full year remain unchanged.
Had exchange rates remained constant, revenue would have increased by 37%.
The good news comes is in stark contrast to January‘s market update, when the Manchester based business issued a shock profit warning, blaming unseasonably warm weather and a pre-Christmas marketing push that did not meet expectations. Shares tumbled 40% on that day.
“We continue to build boohoo.com for the long term and our clear objective is to deliver sustainable future growth. We remain absolutely focused on the execution of our strategy to continue to invest in our customer proposition and build market share in our key markets,” said Joint Chief Executives Mahmud Kamani and Carol Kane in a statement.
“Our investments in the warehouse are on track and we plan to begin partial utilisation of the warehouse extension from July. Whilst we have invested in accelerating our growth during the quarter, our important peak trading periods are yet to come. The board’s expectations for full year profit remain unchanged,” they added.
Boohoo added that is has 3.3m active customers, which is a 32% increase on the prior year.