Fast-fashion etailer Boohoo has grown faster than expected this year and expects sales to exceed previous guidance.
The online fashion group said in a trading update this morning that it now expects sales this year to grow between 33% and 38%, compared to its previous guidance of 25%-30%.
EBITDA margins for the financial year are unchanged at around 10%, in line with its previous guidance.
Boohoo said this reflected investment it had made throughout the year “including the three brands it acquired in the first half”, including struggling fashion brand Karen Millen and Coast.
The etailer said it would offer further guidance to the City at its interim results on September 25.
At its most recent update, for the three months ending May 31, the group posted a 39% sales surge to £254m.
Boohoo posted a 27% jump in sales to £123.5m and increase in gross margin to 54.1%. PrettyLittleThing’s sales soared 42% to £122.1m, while Nasty Gal sales spiked 153% to £18.2m.
The retailer’s continued strong results stand in stark contrast to some of its competitors such as Asos – which has issued two profit warnings in the last nine months.
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