Boohoo.com reports strong sales growth
Online fashion retailer Boohoo saw its revenue climb by 41% in its first quarter as it achieved a strong performance in the UK supported by third party sales.
Sales in the UK rose by 42% with sales in the company’s Rest of Europe business increasing by 40%. Sales in its Rest of the World business were up 37%.
Boohoo joint chief executives Mahmud Kamani and Carol Kane said: “We are encouraged by our performance in the first quarter, with revenue growth in all geographic regions and slightly ahead of our expectations. Our international business continues to gather momentum and accounts for 36% of revenue.
“Profitability has improved as marketing expenditure, as a percentage of revenue, has been reduced, in line with our strategy of improving the customer proposition to build customer lifetime value.”
During the year the retailer grew its number of active customers by 30% to 4.2 million.
Boohoo now expects full year sales growth to be between 25% and 30% with EBITDA margins in line with last year.
Kamani and Kane added: “We continue to execute on our strategy and refine our ecommerce platform to deliver a market-leading shopping experience for fashionable product at incredible prices.”
