Here’s why
Shares in online fashion chain Boohoo jumped 16 per cent today after the group reported a 97 per cent increase in revenue to £579.8m in the year to February 28, as pre-tax profit rose 40 per cent to £43.3m. The growth is primarily due to the ‘exceptional performance’ from Pretty Little Thing.
Joint bosses Mahmud Kamani and Carol Kane said the results had been achieved against the “backdrop of difficult trading in the UK clothing sector”.
“The group made great progress during the year, integrating a new company, PrettyLittleThing, and a new brand, Nasty Gal, into the boohoo group.
“Revenue from boohoo continued to grow strongly, whilst there has been an exceptional performance from PrettyLittleThing, and Nasty Gal exceeded our estimates in its first year.
“Our international business showed higher growth rates and we are pleased with its gathering momentum,” they added.
The Manchester-based fashion retailer took a 66 per cent stake in PrettyLittleThing at the end of 2016.
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