8th Jun 2016 06:57
LONDON (Alliance News) - Online fashion retailer Boohoo.com PLC on Wednesday said revenue surged higher in the first quarter, helped by a strong performance in the UK, prompting a slight upgrade to its sales growth guidance for the full year.
Boohoo said total revenue in the three months to the end of May was GBP58.2 million, up 41% year-on-year from the GBP41.3 million made a year earlier. UK revenue grew 42% in the quarter, while revenue from its European and international operations also increased sharply.
The firm said the strong performance in the UK was helped by third-party sales.
Boohoo's retail gross margin declined in the quarter, down 300 basis points year-on-year to 57.6%, but marketing expenditure as a percentage of sales declined, offsetting the retail margin deterioration.
Joint Chief Executives Mahmud Kamani and Carol Kane said they were "encouraged" by the performance in the first quarter, with revenue growth slightly ahead of their expectations. The pair said they now expect sales growth for the full year, to the end of February, of 25% to 30%, slightly upgraded from the 25% expectation previously cited by the firm.
By Sam Unsted; [email protected]; @SamUAtAlliance
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