Boohoo sales and profits continue to skyrocket

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Boohoo on Wednesday revealed it expects group sales to increase between 38 per cent and 43 per cent, up from its previous 35-40 per cent range.

The online-only retailer, which also owns PrettyLittleThing.com, saw revenue in the first of its year rise 50 per cent to £395 million on last year’s results, ahead of consensus forecasts for £383 million.

Profit rose 22 per cent for the business to £24.7 million in the six months to August 31.

International revenue streams now make up two fifths of its total revenues, thanks in part to its US brand Nasty Gal, which is acquired in spring 2017.

“All of our brands performed extremely well across all territories as we continue to gain market share. We achieved market-leading growth in all markets, with Rest of Europe and the USA being particularly pleasing. Growth in the UK, our largest market, remains very strong,” said Carole Kane and Mahmud Kamani, the joint chief executives of the company.

The news comes as Kane and Kamani prepare for John Lyttle to take over as chief executive of the business when he joins on March 15 next year.

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