Boohoo sales double in full year results
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Online fashion retailer Boohoo has revealed a £579.8m increase in sales, up 97% for the year ending on 28 February 2018.
The online pure-play group saw strong growth across its three major brands. Boohoo’s revenue increased by £374.1m, up by 32%, and sister company Pretty Little Thing saw revenue increase by £181.3m, up 228% on the previous year. Nasty Gal, which launched in March 2017, saw revenue increase by £24m.
New offices have been built in Manchester to support the growing operational team. The company has heavily invested in its infrastructure with indications that £62m and £40m in investment is earmarked for further expansion in 2018 and 2019 respectively.
Mahmud Kamani and Carol Kane, joint CEOs, said: “The group made great progress during the year, integrating a new company, PrettyLittleThing, and a new brand, Nasty Gal, into the boohoo group. Revenue from boohoo continued to grow strongly, whilst there has been an exceptional performance from PrettyLittleThing, and Nasty Gal exceeded our estimates in its first year.
“Against a backdrop of difficult trading in the UK clothing sector, the group continued to perform well, gaining market share in the expanding online sector. Our international business showed higher growth rates and we are pleased with its gathering momentum.”
