Manchester fashion retailer Boohoo has upgraded its full-year revenue guidance by 80% after doubling sales in the first half of the year.
The group, which is behind the PrettyLittleThing brand, reported a 106% increase in sales to £262.9m in the six months to August 31st. Profits were up 99% to £140.2m and pre-tax profit rose 41% to £20.3m.
Success was driven by Ancoats-based PrettyLittleThing, in which Boohoo acquired a 66% stake last December, as it clocked up a 289% rise in sales to £72.7m.
Joint bosses Mahmud Kamani and Carol Kane (right) said the results gave the firm “confidence to raise guidance for the full year”. This is the second time in four months that the AIM-listed etailer has upgraded its guidance, having previously forecast group revenue growth of 60% for the year.
Kamani and Kane said: “Boohoo’s revenue has continued to grow across all geographies, with international growth being strongest as we continue to increase our market share overseas, and the newly acquired PrettyLittleThing brand has exceeded our growth expectations.
“PrettyLittleThing is fast gaining recognition amongst our target consumers as a highly desirable fashion brand in the UK, and its international growth is very encouraging, confirming its considerable potential.”