Boohoo sales rise 32% in latest quarter

Boohoo reports a 32% revenue growth for the last quarter, as the popularity of online shopping shows no signs of slowing down.
Boohoo said a new Debenhams online department store has now been launched.
// Boohoo reports a 32% rise in sales in its latest quarter
// Britain and the United States were the stand-out markets, with sales up 95% and 157%

Boohoo, which owns several retailers including PrettyLittleThing and Karen Millen, has reported a 32 per cent revenue growth for the last quarter, benefiting from rising demand as lockdown restrictions eased.

The online retail giant said that its revenues increased to £486.1 million from £367.8 million in the same period last year, with two-year growth of 91 per cent.

This comes after the company’s integration of high street brands Dorothy Perkins, Wallis and Burton into its platform, as well as the launch of its new Debenhams digital department store.

Boohoo, which sells clothing, shoes, accessories and beauty products aimed at 16 to 40-year olds, said revenue was £486.1 million in the three months to May 31, up from £367.8 million year-on-year.

Britain and the United States were the stand-out markets, with sales up 95 per cent and 157 per cent, respectively.

The group has said that it anticipates “significant” job creation in the second quarter of the year, as its new Daventry distribution site is set to open.

In January, Boohoo purchased the Debenhams brand out of administration for £55 million and in February bought the Dorothy Perkins, Wallis and Burton brands from the administrators of Arcadia for £25.2 million,

It said the former Arcadia brands had been successfully integrated into its multi-brand business, adding that a new Debenhams online department store had been launched.

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