Boohoo reports 53% surge in revenue as it invests in rapid growth
Manchester-based online retailer Boohoo has reported a 53% rise in revenue for the first quarter of the year.
The business reported sales of £183.6m compared to £120.1m during the same period the year before.
It said it had enjoyed "strong revenue growth and market share gains” across all geographies, with UK sales up 49% and international sales up 60% year on year.
Of its individual brands, £97.2m of revenue came from Boohoo, with PrettyLittleThing bringing in £79.2m and Nasty Gal £7.2m.
Boohoo has been ploughing investment into infrastructure as it plans more rapid growth.
It wants to develop a distribution network capable of supporting £3bn of net sales globally, and the company said today the distribution centre extension and automation project at Burnley remained on track for completion by the end of the financial year.
“Our multi-brand strategy is delivering above-market rates of growth globally. The scale of group revenue is aligning with our ambition to become one of the dominant global online retailers and our focus on profitability continues to deliver industry-leading margins,” said joint CEOs Mehmud Kamani and Carol Kane.
“We remain highly encouraged by our performance in the first quarter and confident of our expectations for the remainder of the year and beyond.”
For the full year, Boohoo now expects group revenue growth to be 35-40%.