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Boohoo revenues almost double

Listed fashion company Boohoo, which is also behind PrettyLittleThing and Nasty Gal, has almost doubled revenues after making “great progress” against what was a difficult backdrop for the UK clothing market.

For the year to 28 February 2018, the Manchester business reported income of £579.8m compared to £294.6m the previous 12 months.

The vast majority of this came from the Boohoo brand, which brought in £374m against 2017’s £283m, while revenues at PrettyLittleThing rocketed from £11.3m to £181m. Nasty Gal contributed £24.4m.

Pre-tax profits were also up from £30.95m to £43.3m.

Boohoo said it had made “great progress” during the year through integrating both PrettyLittleThing and Nasty Gal into the group, despite operating against a backdrop of difficult trading in the UK clothing sector.

Its international business also showed “much higher growth rates” and is “gathering momentum”.

Closer to home, Boohoo has confirmed that PrettyLittleThing will relocate its inventory to a third-party managed warehouse facility in the first half of FY19.

Joint chief executives Mahmud Kamani and Carol Kane said: “This brings incremental sales capacity in addition to that in our Burnley operations, will help underpin our infrastructure needs and add further operational flexibility for the group.

“It represents a significant milestone as we develop a distribution network capable of generating £3bn of net sales globally, in line with our vision to lead the fashion eCommerce market.”

Original story: Insider North West