The British online fashion retailer – just second to ASOS now – welcomed the autumn by upgrading its revenue guidance after half-year sales rocketed. The secret to this uplift lies on international growth and acquisitions.
Joint bosses Mahmud Kamani and Carol Kane said that the stellar results give the firm “confidence to raise guidance for the full year”.
Internationalisation and the acquisition of PrettyLittleThings help Boohoo’s optimism
The group reported a 106 percent increase in sales to 262.9 million pounds in the six months to August, 31 boosted by pre-tax profit rising 41 percent to 20.3 million pounds.
Additionally, the recently acquired PrettyLittleThing also helped growth by securing a staggering 289 percent rise in sales to 72.7 million pounds.
As a result, Boohoo now expects group revenue growth to come in around 80 percent up compared to last year’s, an increase on previous guidance of 60 percent.
Earlier this year, the company raised 50 million pounds to help fund a new warehouse in a bid to keep up with soaring demand. The “automated super-site” will provide Boohoo with more than 2 billion pounds of sales capacity, highlights ‘The Scotman’.
In related news, Carol Kane, 50, co-founder and co-chief executive of the fashion business, has recently offloaded 4.65 million shares, valued at an average price of 230.1 pence each last week, on a day when the stock slumped 15.8 pence to 218 pence, reported the ‘Daily Mail.’