Boohoo raises revenue outlook on strong sales
Written by Peter Walker
Boohoo has raised its full-year revenue outlook after a 44 per cent year-on-year increase in sales during the final four months of 2018.
The online retailer’s latest trading update revealed that total group revenue across all regions rose from £228.2 million to £328.2 million during the period ending 31 December.
The UK made up the largest share of revenues, up by a third year-on-year to £180 million, although US revenue saw the biggest growth, up 78 per cent year-on-year to £70.4 million.
For the year to date, Boohoo stated that total group revenue was up by 47 per cent year-on-year to £723.5 million.
Boohoo brand sales increased 15 per cent to £163.5 million during the final four months, but the PrettyLittleThing line a 95 per cent rise in sales to £144.2 million during the final four months of last year. The Nasty Gal fascia saw sales increase 74 per cent year-on-year to £20.6 million during the same period.
Boohoo now expects total group revenue growth for the financial year ending 28 February to be 43 per cent to 45 per cent, ahead of its previous guidance of 38 per cent to 43 per cent.
Joint chief executives Mahmud Kamani and Carol Kane stated: “The global growth opportunity is significant and we will be addressing it in a controlled way – investing in our proposition, operations and infrastructure to capitalise on the opportunity.”