Boohoo sees strong start to year as Q1 sales surge

Boohoo's PrettyLittleThing brand (pictured) saw growth of 42 per cent to 112.1m. Picture: contributed.
Boohoo's PrettyLittleThing brand (pictured) saw growth of 42 per cent to 112.1m. Picture: contributed.
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Online fashion retailer Boohoo has seen first-quarter group sales leap 39 per cent after strong growth across all brands.

Revenues jumped to a better-than-expected £254.3 million in a “strong” first quarter to 31 May, with the UK recording a 27 per cent rise and international sales leaping 56 per cent.

Its core Boohoo brand notched up a 27 per cent leap in revenues to £123.5m, with growth of 42 per cent to £112.1m for PrettyLittleThing and 153 per cent to £18.2m at Nasty Gal.

It remains on track for group revenue growth of 25 per cent to 30 per cent over the full year, it added.

Recently-hired chief executive John Lyttle, who took up the top job in March, said: "The group has made a strong start to the year as we continue to disrupt and capture market share in the UK and internationally across all our brands.

"We have ambitious plans for the group, and continue to invest to ensure that our scalable multi-brand platform is well-positioned to disrupt, gain market share and capitalise on the global opportunity in front of us."

John Moore, senior investment manager at Brewin Dolphin, said: “Boohoo is a highly entrepreneurial, driven retailer which is thriving against a largely gloomy retail backdrop. Away from the core brand, the development of PrettyLittleThing and Nasty Gal has helped growth in sales across the board at a time when other retailers, even those focussed online, have struggled – it underlines the company’s format, innovation and acquisition strategy.

"Boohoo is a timely reminder that, with the right approach, there is still a place for a carefully-considered and marketed retail offering that knows its customers and how to provide products they want.”