Boohoo sales surge as multibrand strategy pays off

Boohoo, which also owns Pretty Little Thing and Nasty Gal, said group sales climbed 53% to £183.6m in the first quarter to May 31.

The fashion etailer reported that sales growth was strong across all the geographies in which it operates. In the UK revenues rose 49% and internationally they were ahead 60%.

The core Boohoo business reported sales of £97.2m, up 12% year on year.

At Pretty Little Thing, sales rose 158% to £79.2m, while at Nasty Gal they were up 149% to £7.2m.

Across the group, gross margin was up 100bps to 55.2%.

Boohoo joint chief executives Mahmud Kamani and Carol Kane said: “We are very pleased with the group’s results for the first quarter.

“Our multibrand strategy is delivering above-market rates of growth globally. Significant market share gains have been achieved in all of our key focus markets, with our compelling combination of the latest fashion at incredible prices, backed by great customer service resonating strongly with our customers.

“The scale of group revenue is aligning with our ambition to become one of the dominant global online retailers and our focus on profitability continues to deliver industry-leading margins.

“Our infrastructure continues to see record levels of investment as we invest ahead of our growth curve and develop a distribution network capable of supporting £3bn of net sales globally.

“We remain highly encouraged by our performance and confident of our expectations for the remainder of the year and beyond.”