Thursday, June 24, 2021

Boohoo sales soar by 55% after bumper Christmas period and expansion

Strong growth in the US and a bumper Christmas trading period has seen total sales at Boohoo increase by 55 per cent in the four months to December 31.

The online retailer raked in £114 million in that period, driven by a massive 230 per cent sales increase in the US to £19.6m, a 31 per cent increase in the UK to £65 million, a 63 per cent increase in mainland Europe to £14 million, while sales from the rest of the world were up £15.7 million.

As a result, Boohoo upgraded its full-year revenue forecasts and now expects sales growth of between 43 per cent and 45 per cent in the year to February 28 – above previous predictions of between 38 per cent and 42 per cent.

READ MORE: Boohoo confirms rumours it is eyeing US retailer Nasty Gal

During the four-month period at the end of last year, Boohoo branched out into kidswear, purchased fellow young online fashion retailer PrettyLittleThing for £3.3 million, and announced plans to acquire the brand of collapsed US fashion firm Nasty Gal in a $20 million USD deal.

“Trading in the four months to 31 December 2016 has been strong across all regions,” Boohoo‘s joint chief executives Mahmud Kamani and Carol Kane said.

“Our strategy offering great pricing, enticing promotions and an ever-broader range of the latest fashion continues to drive growth and enhance customer lifetime value.

“In particular, sales momentum in the USA has continued robustly, helped by our strong customer proposition across the Black Friday weekend.”

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