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Trading statements

boohoo lifts guidance after strong Q1

08 June 2017 07:18

Online fashion group boohoo.com's revenues rose to £120.1m in the three months to the end of May - up from £58,2m last time.

Like-for-like revenues rose by 78% but gross margins slipped to 54.2% from 56%.

The group said that as a result of very strong trading momentum in the first quarter, it now expected revenue growth for the full year to February 2018 to be around 60%, ahead of previous guidance of revenue growth approaching 50% and EBITDA margins to be in line with previous guidance at around 10%.

Joint chief executives Mahmud Kamani and Carol Kane said: "Our performance in the first quarter has been very encouraging across all brands and geographic regions.

"While it is early in the financial year, boohoo continues to perform well and PrettyLittleThing delivered exceptionally strong revenue growth in the first quarter as it continues to expand its young female customer base.

"Nasty Gal has made a promising start since we acquired the brand, with revenues growing strongly month-on-month, as we increased the product range.

"Across the Group, the combination of broadening product ranges, strong brand image, competitive prices and good customer service continues to drive sales momentum, whilst the inclusion of our new brands is proving the potential of our multi-brand strategy in delivering strong group revenue growth.

"boohoo has successfully migrated the majority of its English language markets on to a new website platform, which is improving its speed and functionality.

"Additional office space adjacent to the Manchester head office, accommodating both Nasty Gal and boohoo functions, is on schedule for occupation in July.

"PrettyLittleThing has added to its people talent base with a number of new appointments to execute its growth strategy."

Story provided by StockMarketWire.com

Related Company: BOO

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