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Online fashion retailer, Boohoo, “restoring calm” as they hit a great set of results.

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Sales at Boohoo grew strongly in the last four months of 2018, this is another sign that people are choosing online shopping over the High Street. Boohoo sells clothes, shoes, beauty products and accessories to a 16 to 30-year-old target audience.

Instagram/Boohoo

The online retailer also owns PrettyLittleThing and Nastygal fashion. Boohoo saw a jump in sales in the last four months, 44% to £328.2 million. The growth forecast of the financial year to 43% – 45% up from a previous estimate of 38% – 43%.

The company responds to the figures saying: “another great set of results”.

Joint chief executives Mahmud Kamani and Carol Kane said: “The global growth opportunity is significant and we will be addressing it in a controlled way – investing in our proposition, operations and infrastructure to capitalise on the opportunity.”

Revenue from PrettyLittleThing nearly doubled rising 95% to 144.2 million while there was a 74% growth in NastyGal to £20.6 million.

Julie Palmer, a partner at business consultancy Begbies Traynor said Boohoo’s results would “go some way to restoring calm” after online retailer Asos warning of their pre-Christmas profit. The British Retail Consortium said this month that high street retailers had witnessed the worst Christmas in a decade.

The news of Asos had plunged by more than a third sent Boohoo’s shares tumbling down in the panic that the high street curse was spreading to the online shopping world.

She said: “Customers are basing their decisions on price, and Boohoo is very competitively placed to capitalise on this.

“Tie in the fact that overall footfall is down on the High Street and online sales continue to grow, Boohoo is entering 2019 in a very strong position.”

She did warn online business by saying: “According to our latest Red Flag Alert, the number of online retailers in financial distress increased to 8,500 in 2018. Being cut from a similar cloth to Asos, Boohoo must remain innovative and resilient if it is to stay in fashion.”

Investment bankers Liberum said the figures showed that Boohoo was continuing to outperform.

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