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Boohoo upbeat after ‘record’ Black Friday trading

Online fashion retailer Boohoo has reported “record performance” across the Black Friday weekend.

The company was “pleased to confirm” that since its half year end, trading has “remained strong” across its key brands, and both of its warehouses also had a “strong” operational performance.

The group’s new brands, Karen Millen, Coast, and MissPap, have been “successfully integrated” onto its platform, and it added its initial ranges have been very “well received”.

Boohoo acquired Karen Millen and Coast on 7 August 2019, which were put up for sale by their owner Icelandic bank, Kaupthing, after the Biritsh brands entered into administration a day prior.

The group added it continues to “trade comfortably” in line with market expectations and will provide further financial information covering the trading period for the four months to 31 December 2019 on 14 January 2020.

It comes after Boohoo saw its revenues skyrocket by 43% to £564.9m for the six months to 31 August 2019.

This was a result of “strong momentum” across the business, driving revenue growth in all of its brands and in all key focus territories.

The group added it is increasing its market share through “highly effective” marketing strategies, employing a mix of high profile celebrity campaigns, influencer associations, and digital and traditional marketing initiatives.

Adjusted EBITDA during the period was £60m, an increase of 53% on the first half of the previous year, and profit before tax also increased by 83% to £45.2m.

CEO John Lyttle said at the time: “It has been a fantastic first half of the year for the group. We have delivered significant market share gains across all of our key markets, and for the first time in our history, revenue has exceeded £1bn in the last 12 months.”

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