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Boohoo has ‘strong’ start to the year as sales soar

by LLB Reporter June 12, 2019

written by LLB Reporter 12^th Jun 19 11:08 am

Online fashion retailer Boohoo has said their first quarter has seen revenues surge by 39% as they company saw strong sales growth.

In the first quarter to 31 May sales were better than expected at £254.3mwith the UK recording a record 27% hike and international sales leapt 56%.

The core Boohoo brand was up by 27% in revenues to £123.5m and saw growth of 42% to £112.1m for prettyLittleThing and Nasty Gal was up by 153% to £18.2m.

chief executive John Lyttle, who took up the top job in March, said: “The group has made a strong start to the year as we continue to disrupt and capture market share in the UK and internationally across all our brands.

“We have ambitious plans for the group, and continue to invest to ensure that our scalable multi-brand platform is well-positioned to disrupt, gain market share and capitalise on the global opportunity in front of us.”

Caroline Gulliver, an equity analyst at Jefferies, said: “Boohoo has again beaten high expectations, despite macro headwinds.”