Boohoo quarterly revenue up 53% to £184m

Manchester-based online fashion giant plc said in a trading update for the three months to May 31 that its revenue rose 53% to £183.6 million, with UK sales up 49% and international up 60%.

Revenue at its boohoo business rose 12% to £97.2 million, while revenue at its PrettyLittleThing brand soared 158% to £79.2 million and Nasty Gal revenue was up 149% to £7.2 million.

In its outlook, Boohoocom said: “Trading in the first quarter of the 2019 financial year has been strong and in line with our expectations.

“For the full year, we continue to expect group revenue growth to be 35% to 40% with adjusted EBITDA margin between 9% to 10%.

“All other guidance for the current financial year and our medium term guidance to deliver sales growth of at least 25% per annum and 10% EBITDA margin are unchanged.” joint CEOs Mahmud Kamani and Carol Kane said in their stock exchange statement: “We are very pleased with the group’s results for the first quarter of the financial year.

“Our multi-brand 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.

“The distribution centre extension and automation project at Burnley remain on track to complete towards the end of the financial year, with PrettyLittleThing’s move to its own warehouse expected to complete early in the second half of the financial year.

“We remain highly encouraged by our performance in the first quarter and confident of our expectations for the remainder of the year and beyond as we continue to execute on our winning strategy.”