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Sales skyrocket at Boohoo

Boohoo’s sales soared by 55% year on year to £114.3m in the four months to 31 December 2016, driven by strong growth in the US.

UK sales were up 31% to £65m, while sales in the rest of Europe rose 63% to £14m. Sales in the US leapt by 230% to £19.6m, and sales from the rest of the world were up £15.7m. The US website moved to a new platform in October.

Boohoo’s gross margin fell by 260 basis points to 53.1%, which it attributed to planned investment in its pricing and promotions.

During the period it launched into kidswear, and a deal to acquire fellow young fashion etailer PrettyLittleThing, announced in mid-December, completed on 3 January.

Joint chief executives Mahmud Kamani and Carol Kane said: “Trading in the four months to 31 December 2016 has been strong across all regions. Our strategy offering great pricing, enticing promotions and an ever-broader range of the latest fashion continues to drive growth and enhance customer lifetime value.

”In particular, sales momentum in the US has continued robustly, helped by our strong customer proposition across the Black Friday weekend.”

Boohoo’s warehouse in Burnley is being extended to support its growth.

Kamani and Kane said they now expect revenue growth of between 43% and 45% for the year to 28 February 2017, including PrettyLittleThing. This is above the previous guidance of between 38% and 42%.

PrettyLittleThing is expected to achieve revenue growth in excess of 150% in that period – building on its 2016 revenue of £17m – while breaking even at EBITDA level. 

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