Boohoo revenue rises 50% to almost £400m
Written by Peter Walker
Boohoo’s group revenue rose by 50 per cent to £395.3 million during the first half of this year, with pre-tax profits up 22 per cent to £24.7 million.
Over the six months to 31 August, the online fashion retailer’s UK revenue was up 43 per cent, while international sales increased by 62 per cent and now account for 41 per cent of group revenue.
Sales grew by 15 per cent to £209 million, as the brand benefited from particularly strong growth in northern Europe.
Revenue at Pretty Little Thing increased by 132 per cent to £168.6 million, while sales at Nasty Gal rose by 111 per cent to £17.7 million.
Mahmud Kamani and Carol Kane, Boohoo group joint chief executives, said all brands performed “extremely well” across all territories.
“We achieved market-leading growth in all markets, with rest of Europe and the US being particularly pleasing,” they stated, adding: “Growth in the UK, our largest market, remains very strong.”
Boohoo said group revenue growth for the year to 28 February 2019 is expected to be between 38 and 43 per cent, an increase from its previous guidance of 35 to 40 per cent.
During the period, the group relocated a distribution centre for Pretty Little Thing as part of its plans to develop a distribution network capable of generating £3 billion of net sales.
In a separate statement, Boohoo noted that David Forbes has advised the board that he intends to step down as a non-executive director of the company at the end of October. Non-executive director Sara Murray will step into the role of senior independent director on his departure, as a search for his replacement commences.
Boohoo non-executive chairman Peter Williams said: “David’s counsel as senior independent director during the period following the company becoming public has been invaluable, the board has benefitted from his considerable corporate and governance experience during this time.”
Earlier this month, the group appointed John Lyttle as chief executive, joining from Primark in March next year.