Overseas sales help boohoo to 132% turnover jump
Online fashion retailer boohoo has posted a 132% jump in turnover ahead of a planned flotation next year.
Wasabi Frog Ltd, which trades Manchester-based boohoo, saw sales leap from £29m to £67.2m for the year to 28 February 2013.
Pre-tax profit increased from £249,000 to £3.2m, while international revenues - which now account for 35% of the total, up from 10% last year - jumped from £2.9m to £23.5m.
The company said it had doubled its customer base over the year to two million, and now employed a total of 210 staff, up from 134 in 2012.
Mahmud Kamani, joint chief executive who co-founded boohoo with Carol Kane in 2006, said: "Our absolute priority is to ensure our customers get what they want – fast fashion at value for money prices.
"We will never be complacent and will continue to go the extra mile in sourcing, designing and delivering the best products for our fashion conscious customers.”
Last month the company announced plans to float on the stock market. It's now the second largest purely online business in the sector behind ASOS.