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Boohoo Q1 sales surge 39%

Boohoo has seen group sales surge 39% as revenues reached £245.3m for the three months ending 31 May.

The online fashion retailer said it experienced strong revenue growth across all geographies with the UK up 27% to £140.6m and international up 56%.

Across its brands, sales at Boohoo were £123.5m up 27%, with PrettyLittleThing seeing a 42% increase to £112.1m. Its women’s brand Nasty Gal saw the biggest growth with sales reaching £18.2 million up 153% compared with the previous year.

The company said it continues to expect group revenue growth to be 25% to 30% with an adjusted EBITDA margin of around 10% for FY20. All other guidance remains unchanged.

CEO John Lyttle said: “The group has made a strong start to the year as we continue to disrupt and capture market share in the UK and internationally across all our brands. I’m delighted that the group topped the UK Hitwise rankings in May for the first time, demonstrating how our multi-brand strategy is really capturing our customers’ attention.

“We have ambitious plans for the group, and continue to invest to ensure that our scalable multi-brand platform is well positioned to disrupt, gain market share and capitalise on the global opportunity in front of us.”

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