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Boohoo sales continue to soar

Revenue at Boohoo Group jumped 53% year on year to £183.6m for the three months to 31 May. 

The etailer said it had “strong revenue growth and market share gains” across all geographies, with UK sales up 49% and international sales up 60% compared to 2017.

Gross margin was up 100 basis points to 55.2%

The business had a net cash position of £151m at the end of the period.

At the Boohoo fascia, revenue was up 12% to £97.2m. Retail gross margin fell 170 basis points to 54.6%, but the business said it improved progressively throughout the quarter.

At Pretty Little Thing, revenue soared 158% year on year to £79.2m. Gross margin was up 490 basis points to 58.7%, driven by strong full-priced sales performance.

At Nasty Gal, revenue was up 149% to £7.2m, while gross margin was in line with last year at 58.9%.

The business said trading in the first quarter of the 2019 financial year has been “strong and in line with expectations.”

For the full year, Boohoo Group continues to expect group revenue growth to be between 35% to 40% with adjusted EBITDA margin between 9% to 10%.

Mahmud Kamani and Carol Kane, joint CEOs, said: “Our multi-brand strategy is delivering above-market rates of growth globally. Significant market share gains have been achieved in all of our key focus markets, with our compelling combination of the latest fashion at incredible prices, backed by great customer service resonating strongly with our customers. The scale of group revenue is aligning with our ambition to become one of the dominant global online retailers and our focus on profitability continues to deliver industry-leading margins.

“Our infrastructure continues to see record levels of investment as we invest ahead of our growth curve and develop a distribution network capable of supporting £3bn of net sales globally. The distribution centre extension and automation project at Burnley remain on track to complete towards the end of the financial year, with PrettyLittleThing’s move to its own warehouse expected to complete early in the second half of the financial year.

“We remain highly encouraged by our performance in the first quarter and confident of our expectations for the remainder of the year and beyond as we continue to execute on our winning strategy.”

 

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