Boohoo raises FY guidance after sales come in ‘ahead of expectations’
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Online clothing retailer Boohoo has raised its full-year guidance after it reported sales for the first half of the year came in “ahead of expectations”.
In a trading update Boohoo said that due to “strong” revenue growth driving operating leverage across its key brands it now anticipates group sales growth to be between 33% and 38%, against previous guidance of 25% to 30%.
The board added it also expects EBITDA margins for the financial year to remain in line with previous guidance at around 10%, reflecting “anticipated investments” across the financial year into the three brands acquired by the group in the first half.
The company said further guidance will be given at the group’s interim results on 25 September 2019.
Last month Boohoo acquired the online business and all associated intellectual property rights from the administrators of Karen Millen Fashions Limited and Karen Millen Retail Limited, both of which entered into administration on 6 August 2019, for £18.2m.
In March it also purchased the brand and intellectual property assets of women’s pureplay fashion brand MissPap for an undisclosed sum.
