{"id":162831,"date":"2020-01-14T09:18:21","date_gmt":"2020-01-14T09:18:21","guid":{"rendered":"https:\/\/www.theindustry.fashion\/boohoo-defies-retail-gloom-as-sales-soar-higher\/"},"modified":"2021-08-12T14:06:16","modified_gmt":"2021-08-12T14:06:16","slug":"boohoo-defies-retail-gloom-as-sales-soar-higher","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/boohoo-defies-retail-gloom-as-sales-soar-higher\/","title":{"rendered":"Boohoo defies retail gloom as sales soar higher"},"content":{"rendered":"<p><a href=\"https:\/\/www.theindustry.fashion\/intelligence\/boohoo\">Boohoo<\/a> sales have soared over the past four months, putting the online fast fashion retailer<strong> on track to surpass profit and revenue forecasts for the year.<\/strong><\/p>\n<p><!--more--><\/p>\n<p>The company continued its recent rapid growth to post<strong> a 44% jump in revenues to \u00a3473.7 million<\/strong> for the four months to 31 December.<\/p>\n<p>Boohoo said it was pleased with growth across its core brands as well as recently acquired brands Karen Millen, Coast and MissPap.<\/p>\n<p>This is the<strong> latest in a series of profit upgrades by the Manchester-based retail group<\/strong> which has gone from strength to strength in recent years despite wider challenges in the retail sector.<\/p>\n<p>The group said it <strong>expects to deliver revenue growth of between 40% and 42%<\/strong> for the year to February 2020, ahead of its previous range of between 33% and 38% growth.<\/p>\n<p>It added that profit <strong>margins are expected to be between 10% and 10.2%<\/strong>, just ahead of its previous forecast of 10%.<\/p>\n<p>The<strong> Boohoo brand saw sales jump 42%<\/strong> over the past four months to \u00a3232.6 million, while sales of its PrettyLittleThing brand increased by 32% to \u00a3190.8 million for the period.<\/p>\n<p>Fast-growing brand <strong>Nasty Gal continued to see sales surge<\/strong>, with revenues for the period rocketing 102% to \u00a341.5 million.<\/p>\n<p>Meanwhile, the firm also lauded the \u201csuccessful integration\u201d of the three brands it acquired last year.<\/p>\n<p>Boohoo chief executive John Lyttle said: \u201cI am delighted to report the group has enjoyed record trading in the last four months of 2019.<\/p>\n<p>\u201c<strong>All of our brands have performed exceptionally well<\/strong> and delivered strong market share gains. We have continued to see operating leverage in our more established brands and will continue to invest into them and our newly-acquired brands.<\/p>\n<p>\u201cThe newly-acquired brands, MissPap, Karen Millen and Coast, are showing great promise and open different target markets for the group, in line with our strategy to build our multi-brand platform.\u201d<\/p>\n<p>In a separate announcement, the company also said it has <strong>appointed former JD Sports finance boss Brian Small, a current non-executive director,<\/strong> as the firm\u2019s new deputy chairman.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":68,"featured_media":136755,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[3791,12039,13503,10551,13975,10093,11373],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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