Boohoo boosted by record Black Friday sales

Shares of Manchester-based online fashion giant Boohoo Group plc edged 2% higher on Tuesday after it issued a positive trading update that included a “record performance across the Black Friday weekend.”

Boohoo’s brand’s include PrettyLittleThing, Nasty Gal, Karen Millen, Coast, and MissPap.

Shares in the firm were trading around 305p to give it a current stock market value of around £3.6 billion.

“boohoo group plc, a leading online fashion group, is pleased to confirm that since its half year end, trading has remained strong across its key brands with a record performance across the Black Friday weekend,” said the firm.

“Both warehouses have had a strong operational performance.

“Our new brands, Karen Millen, Coast, and MissPap, have been successfully integrated onto our platform.

“Initial ranges have been very well received, and we continue to broaden our product ranges as we progress our multi-brand strategy.

“The group continues to trade comfortably in line with market expectations and will provide further financial information covering the trading period for the four months to 31 December 2019 on 14 January 2020.”

Analysts at Peel Hunt wrote: “boohoo has put out a trading update confirming that trading was strong across all brands, another record performance.

“Management notes the business is trading comfortably in line with market expectations, which suggests the business is at the top end of guidance at least.

“Operationally, this was also a strong performance for the group, with the recent warehouse investments allowing boohoo to deliver a significant improvement in its delivery promise over the week.

“Growth prospects over the coming 2-3 years remain exciting and we reiterate our Buy recommendation.”