Saturday, October 20, 2018

Boohoo’s profits expected to double


Boohoo’s full-year results later this week is expected to boast a surge in annual pre-tax profits to £29.6 million and 50 per cent growth in sales.

According to The Telegraph, Boohoo‘s annual pre-tax profits is almost double the £15.6 million recorded a year earlier.

Meanwhile, its online sales are set to be around £100 million higher compared with 2016, rising to £290.4 million, boosted by new international markets.

READ MORE: Boohoo takes £12m loan to acquire Nasty Gal

The Manchester-based online retailer‘s share price also tripled in the last month, making the business valued at more than £2 billion, according to the Mail on Sunday.

The news comes after Boohoo recently acquired US fashion site Nasty Gal out of bankruptcy for £20 million and enjoyed a 55 per cent jump in sales over the Christmas period.

The retailer also bought smaller online fashion rival Pretty Little Thing, which was founded by the sons of Boohoo co-founder Mahmud Kamani, in the last year.

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