Boohoo records surge in first quarter sales despite international ‘uncertainty’

Boohoo posted a 32% uplift in group revenue in the three months to May 31 to £486.1m, bolstered by a 50% jump in UK sales to £274.6m.

The fashion etail group’s US sales climbed 43% during the period to £131.9m.

By contrast, Boohoo’s sales across the Rest of Europe and the Rest of the World were down 14% to £54.7m and 15% to £24.9m respectively. 

The retailer attributed this decline to ongoing uncertainty in international market and maintained its full-year guidance of sales growth of 25% year-on-year as a result.

Boohoo launched Debenhams new digital offering during the period and integrated Dorothy Perkins, Wallis and Burton brands into its online platform.

The fashion retailer also opened new offices in Soho for its brands operating across Greater London.

Sir Brian Leveson has separately published a progress report of the group’s ongoing Agenda for Change programme, in which he said he was “encouraged by the determination of all to address the issues which were exposed last year and to both promote and embed a new way of working to the highest ethical standards.”

Boohoo launched a new sustainability strategy and list of its UK suppliers during the period, and is on track to publish a list of its global suppliers in September. 

Chief executive John Lyttle said: “I am delighted with our performance in the first quarter, particularly as it was always going to be challenging to produce strong growth rates on last year, when lockdowns around the globe drove such high traffic to online retailers. The two year CAGR of 38% highlights the group’s continued phenomenal growth, with revenues having increased 91% over the last two years, with particularly strong performance in key markets such as the UK and US, where sales have more than doubled.

“Our ongoing investment in infrastructure and our platform leaves us well-placed to maximise the opportunities for growth as we build the business for the future.”