Boohoo’s first half sales and profits surge

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Boohoo update

Boohoo has seen a surge in its first half sales and profit as it continues to reap the rewards of international growth and acquisitions.

The online fashion retailer recorded a 106 per cent increase in sales to £262.9 million in the six months to August 31 while pre-tax profit went up 41 per cent to £20.3 million.

Its growth was boosted by the acquisition of Pretty Little Thing, where sales sky rocketed by 289 per cent to £72.7 million.

Nasty Gal, which Boohoo also acquired earlier this year, also grew exponentially month-on-month and hit £8.4 million by the end of August.

Joint chief executives Mahmud Kamani and Carol Kane said the stellar results gave the retailer “confidence to raise guidance for the full year”.

They said they now expect full-year sales across the company to rise around 80 per cent, up from its previous guidance of 60 per cent.

“Boohoo’s revenue has continued to grow across all geographies, with international growth being strongest as we continue to increase our market share overseas, and the newly acquired Pretty Little Thing brand has exceeded our growth expectations,” Kane and Kamani said.

“PrettyLittleThing is fast gaining recognition amongst our target consumers as a highly desirable fashion brand in the UK, and its international growth is very encouraging, confirming its considerable potential.”

Earlier this year Boohoo raised £50 million to help fund a new warehouse in a bid to keep up with soaring demand.

The “automated super-site” will provide Boohoo with more than £2 billion of sales capacity.

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