12th Jun 2018 10:13
LONDON (Alliance News) - Boohoo.com PLC said Tuesday group revenue for the three months to May 31 increased 53% year-on-year as its multibrand strategy delivered "above-market rates of growth".
The online fashion retailer posted group revenue of GBP183.6 million for the first quarter, up from GBP120.1 million for the same three-month period last year.
The company's core UK market recorded revenue of GBP110.7 million, up 49% from GBP74.6 million a year ago The US unit posted 75% growth in revenue to GBP31.4 million from GBP17.9 million last year.
In terms of brands, the Boohoo brand posted revenue of GBP97.2 million, up 12% on last year's first quarter "record", the company said.
PrettyLittleThing and Nasty Gal revenue more than doubled on last year at GBP79.2 million and GBP7.2 million, respectively.
"Our multi-brand strategy is delivering above-market rates of growth globally. Significant market share gains have been achieved in all of our key focus markets, with our compelling combination of the latest fashion at incredible prices, backed by great customer service resonating strongly with our customers," joint Chief Executive Officers Mahmud Kamani and Carol Kane said.
For the rest of the year, the company expects revenue growth in the range of 35% to 40%, with adjusted earnings before interest, taxes, depreciation and amortisation margin between 9% and 10%.
Shares in the online retailer were trading 3.4% lower at 212.59 pence each Tuesday morning.
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