Boohoo has strong start to the year

Listed fashion company Boohoo, from its global distribution centre in Burnley, has enjoyed a strong start to the financial year by increasing first quarter revenues past £180m.

For the three months to 31 May 2018, the business reported sales of £183.6m compared to £120.1m during the same period the year before. The largest portion of this – £97.2m – was courtesy of Boohoo, with PrettyLittleThing bringing in £79.2m and Nasty Gal contributing £7.2m.

The company said trading had been “strong and in line with our expectations”. For the full year, it now expects group revenue growth to be 35 per cent to 40 per cent with adjusted EBITDA margin between 9 per cent and 10 per cent.

Elsewhere, Boohoo noted that the distribution centre extension and automation project at Burnley remain “on track to complete towards the end of the financial year”, with PrettyLittleThing’s move to its own warehouse expected to take place early in H2.

Joint chief executives Mahmud Kamani and Carol Kane said: “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.

“We remain highly encouraged by our performance in the first quarter and confident of our expectations for the remainder of the year and beyond as we continue to execute on our winning strategy.”

Original story: Insider Media