Boohoo raises revenue forecast as sales end strongly

Boohoo said revenue in the four months to 31 December was £473.7 million, an increase of 44 per cent compared to the same period last year

                                

Online fashion retailer Boohoo has raised its full year revenue guidance as shares hit a new high.

It reported a sales increase during the final quarter of last year. The Manchester-based company said revenue in the four months to December 31 was £473.7 million, an increase of 44 per cent compared to the same period last year.

This sent shares up 4.3 per cent in early London trading, hitting a record 333.4p and valuing the company at £3.7 billion.

Revenue in the financial year to end of February is expected to be 40 to 42 per cent, compared to its previous estimate of 33 per cent to 39 per cent. Profit margins will also be slightly higher than previously indicated.

Revenue in the US was up 57 per cent to £110.6 million during the quarter, whilst Pretty Little Thing reported an increase of 32 per cent and US focussed Nasty Gal saw revenue rise by 102 per cent.

The company also completed the integration of new acquisitions Miss Pap, Karen Millen and Coast into the Boohoo platform but did not provide figures for them.

Over two-fifths of the company’s sales now come from outside the UK.

The company also said that Brian Small, the former JD Sports finance director who joined as a non-executive director last year, will become deputy chairman.

Another non-executive will chair the audit committee once the group’s full-year results have been published.

FURTHER READING: Boohoo’s share price down as co-founders cash in

FURTHER READING: US consumers rein in spending as retail sales fall

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