Boohoo raises revenue forecasts amid sales surge
Online fashion retailer Boohoo has raised its revenue guidance for the year after group sales surged 44% to £328.2m in the four months to 31 December.
The group, which also operates brands such as PrettyLittleThing and Nasty Gal, experienced a 33% increase in UK sales to £180m up from £135.7m the previous year. Its US arm also reported a significant sales boost with a 78% increase to £70m.
The group called the figures for the period “another great set of financial and operational results” and announced it now expects group revenue growth for the financial year to 28 February 2019 to be between 43% to 45%, ahead of its previous guidance of 38% to 43%.
Boohoo also said it expects group adjusted EBITDA margins to be between 9.25% and 9.75%, narrowing the range from the 9% to 10% as previously guided. All other guidance remains unchanged.
Mahmud Kamani and Carol Kane, Boohoo’s joint chief executives, said: “We are delighted to be reporting yet another great set of financial and operational results and would like to say a very big thank you to all our team and customers. We remain firmly focused on continuing to provide our customers with great fashion at unbeatable value.
“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.”
