Profits up more than 50% at Boohoo

Online fashion retailer boohoo, which has a major distribution hub in Burnley, has announced gross profit of £218.6m for the six months to the end of August, up 56 per cent on the same period last year.

Total sales were £395.3m, which was an increase of 50 per cent.

Success came from at home and abroad, with UK growth at 43 per cent and international at 62 per cent. Overseas sales now account for 41 per cent of total group revenue.

In addition to strong figures, boohoo noted that developments at its Burnley site, where automation will boost efficiency, is on schedule and set to be operational in 2019.

A new chief executive will join the organisation in March to help support global growth.

Mahmud Kamani and Carol Kane, joint CEOs, said: “Our group results for the first half year show yet another strong performance, delivering record sales and profits. All of our brands performed extremely well across all territories as we continue to gain market share.

“We achieved market-leading growth in all markets, with Rest of Europe and the USA being particularly pleasing. Growth in the UK, our largest market, remains very strong.”

The boohoo group includes boohoo, PrettyLittleThing and NastyGal brands.

Original story: Lancashire Business View