boohoo reports revenue growth


June 17, 2020 | By RetailME Bureau

British online retailer boohoo Group’s revenues in the first quarter of the current financial year grew 45% year-on-year, totalling £367.8 million. This has been driven by strong underlying growth across boohoo, prettylittlething.com and Nasty Gal brands. The group’s newest brands – MissPap, Karen Millen and Coast – are also trading well.

In addition, the group has announced its acquisition of online businesses of two UK-based fashion-forward brands, Oasis and Warehouse, for £5.25 million in cash from Hilco Capital Limited.

“During unprecedented and challenging times, the group has delivered a very strong trading and operational performance. I am proud of how our colleagues and business partners from around the world have responded to ensure that we can safely bring to our customers the latest fashions, great value, fantastic prices and best-in-class service. Whilst there is a period of uncertainty within the markets in which we operate, the group is well-positioned to continue making progress towards leading the fashion e-commerce market globally,” said John Lyttle, CEO, boohoo group plc in an official statement.

During the current financial year ending on February 28, 2021, the boohoo Group expects to deliver strong profitable growth, continuing to invest in infrastructure and operations.

 

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