Boohoo first quarter sales skyrocket 106%

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Boohoo first quarter

Boohoo continues to go from strength to strength after it recorded a whopping 106 per cent year-on-year increase in its first quarter.

The online fashion retailer posted revenues of £120.1 million during the three months ending May 31, with like-for-like revenues growing 78 per cent.

Boohoo said the majority of its sales derived from its eponymous brand, with revenues growing 48 per cent to £86.4 million.

While sales in the UK and Europe had an uptick of 41 per cent and 44 per cent respectively, in the US and the rest of the world Boohoo’s sales surged by 97 per cent and 50 per cent respectively.

However, the retailer’s gross margin slipped from 56 per cent this time last year to 54.2 per cent.

Nonetheless, its website had 5.2 million active customers during the first quarter, a 24 per cent growth year-on-year.

READ MORE: Boohoo’s annual profits skyrocket 97%

Meanwhile, sales at Boohoo’s PrettyLittleThing online fascia sky rocketed from £7.6 million to £30.7 million, while its newly-acquired brand Nasty Gal recorded revenues of £2.9 million during the quarter.

Boohoo now plans to raise £50 million through the listing of new shares to help fund a new 600,000sq ft warehouse and expects full-year revenue to grow by 60 per cent, up from the previous guidance of 50 per cent.

“Our performance in the first quarter has been very encouraging across all brands and geographic regions,” Boohoo co-founders Carol Kane and Mahmoud Kamani said.

“While it is early in the financial year, boohoo continues to perform well and PrettyLittleThing delivered exceptionally strong revenue growth in the first quarter as it continues to expand its young female customer base.

“Nasty Gal has made a promising start since we acquired the brand, with revenues growing strongly month-on-month, as we increased the product range.

“Across the Group, the combination of broadening product ranges, strong brand image, competitive prices and good customer service continues to drive sales momentum, whilst the inclusion of our new brands is proving the potential of our multi-brand strategy in delivering strong Group revenue growth.”

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