Boohoo to beat expectations after record quarter
Manchester-based online retailer Boohoo has raised its full-year guidance after revealing that sales surged during the last quarter of 2019.
The group, which includes Boohoo, PrettyLittleThing, MissPap, Karen Millen and Coast, now expects revenue growth for the year to February 29th to be up by between 40% and 42% year on year, ahead of the previously stated 33% to 38%.
Group total revenue grew by 44% to £474.7m in the quarter ending December 31st 2019, with revenue in the US up 57% to £110.6m during the period.
Revenue at flagship brand Boohoo was up 42% to £232.6m during the quarter, with revenue at PrettyLittleThing up 32% to £190.8m. Revenue at Nasty Gal shot by up by 102% to £41.5m.
Boohoo chief executive John Lyttle said: “I am delighted to report the group has enjoyed record trading in the last four months of 2019.
“All of our brands have performed exceptionally well and delivered strong market share gains.
“We have continued to see operating leverage in our more established brands, and will continue to invest into them and our newly-acquired brands.
“The newly-acquired brands, Miss Pap, Karen Millen and Coast, are showing great promise and open different target markets for the group, in line with our strategy to build our multi-brand platform.”
The retailer also announced it had appointed Brian Small - an existing non-executive director - as deputy chairman.
Small has previously served as CFO of JD Sports, and also held executive positions at Intercare Group, Knightlow Group and Barr and Wallace Arnold Trust.