Online fashion seller Boohoo reports surging sales

The online fashion retailer Boohoo has reported soaring sales, with group revenues jumping by 53%.

The firm brought in more than €207m in the three months to the end of May.

Sales in the UK have risen by half, while in the US they are even higher.

Despite the strong sales growth, Boohoo's shares in the UK fell by 4.1% in early trading to 211p.

The group said it would grow full-year revenue by between 35% and 40%, with underlying earnings expected to rise by up to 10%.

Mahmud Kamani and Carol Kane, joint chief executives of Boohoo, said: "Our infrastructure continues to see record levels of investment as we invest ahead of our growth curve and develop a distribution network capable of supporting £3 billion of net sales globally."

They said the company's extension and automation of its Burnley distribution centre would be finished by the end of the financial year, and that Pretty Little Thing would move into its own warehouse in the second half of the year.

The figures from Boohoo stood in stark contrast to the full-year update from New Look, also published on Tuesday.

New Look announced that it had swung to a loss for the year, and that it had suffered a double-digit slump in both its retail and online sales.


More in this Section

Business group ISME asking people to shop local

French government ‘seeks to hire new Renault chief’

Jo'Burger restaurants go into liquidation

Kerry Group buys US ‘clean label’ firms for €325m


Lifestyle

The signs and symptoms of ME that you need to know

Why it can be OK to cease talking to someone – even if they’re family

Why Christmas as ‘just an aunty’ and not a mum is actually ideal

7 ways to make sure you don’t break out in spots over Christmas

More From The Irish Examiner