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Boohoo enjoys 44% surge in revenues

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Manchester-based online retailer Boohoo grew revenues by 44% in the last four months of 2018.

Sales grew to £328.2m in the period to the end of December, up from £228.2m in 2017.

It revised its revenue growth forecast for the financial year to 43%-45%, up from a previous estimate of 38%-43%.

Even more impressive progress was made by its PrettyLittleThing and NastayGal brands.

PrettyLittleThing saw revenue surge 96% to £144.2m while NastyGal, the website Boohoo rescued from bankruptcy in 2017, achieved a 76% rise in revenue to £20.6m.

“We are delighted to be reporting yet another great set of financial and operational results and would like to say a very big thank you to all our team and customers,” said joint chief executives Mahmud Kamani and Carol Kane.

They added: “The global growth opportunity is significant and we will be addressing it in a controlled way – investing in our proposition, operations and infrastructure to capitalise on the opportunity.”

Last month, Boohoo issued a statement to reassure investors about its trading after its shares fell in a sector-wide decline after ASOS revealed weaker-than-expected sales in November.

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