Boohoo books strong start to new year with 53% revenue surge

Boohoo update

Boohoo has continued its outstanding trading performance with a strong start to the year, thanks to double-digit growth across the board in its first quarter report.

The online retail group said total revenue soared by 53 per cent to £183.6 million in the three months to May 31, compared to the £120.1 million recorded in the first quarter last year.

The company said this was a result of strong revenue growth and market share gains across all geographies, with quarterly UK sales up 49 per year year-on-year to £110.7 million and international up 60 per cent overall.

Of its global markets, the Rest of Europe was the star performer, with quarterly revenue skyrocketing 82 per cent year-on-year to £22.3 million.

Boohoo’s US market also did well thanks to a 75 per cent year-on-year surge in revenue £31.4 million, while the Rest of World market grew 24 per cent to £19.2 million.

Boohoo’s best-performing fascia was PrettyLittleThing, where quarterly revenue surged 158 per cent year-on-year to £79.2 million.

Meanwhile, the Nasty Gal brand raked in revenues of £7.2 million, 149 per cent year-on-year uptick.

The company’s eponymous fascia recorded a 12 per cent year-on-year uptick in quarterly revenues to £97.2 million.

Boohoo said because trading in its first quarter has been strong and in line with expectations, it now expects total revenue growth of 35 per cent to 40 per cent for the full year.

“We are very pleased with the group’s results for the first quarter of the financial year,” co-chief executives Mahmud Kamani and Carol Kane said.

“Our multi-brand strategy is delivering above-market rates of growth globally. Significant market share gains have been achieved in all of our key focus markets, with our compelling combination of the latest fashion at incredible prices, backed by great customer service resonating strongly with our customers.

“The scale of group revenue is aligning with our ambition to become one of the dominant global online retailers and our focus on profitability continues to deliver industry-leading margins.”

Kamani and Kane added that Boohoo’s investment in its distribution network is on track to be complete towards the end of the financial year.

“We remain highly encouraged by our performance in the first quarter and confident of our expectations for the remainder of the year and beyond as we continue to execute on our winning strategy,” they said.

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