11th Mar 2015 07:59
LONDON (Alliance News) - Online fashion retailer boohoo.com Wednesday said its UK sales growth continued to slow in the last two months of its financial year, although sales growth in Europe and the rest of the world accelerated, and it reiterated its profit margin guidance as it focused on protecting its margins ahead of increasing marketing spend later in 2015.
The company had issued a profit warning in early January after sales in the four months to the end of December came in below its hopes. It had blamed unusually warm weather in early autumn which forced UK fashion retailers to discount heavily. It had ramped up marketing to try and stimulate sales, but the resulting growth was less than it had hoped.
Its overall sales growth for that tough four month period was 25%, with UK sales up by the same amount. On Wednesday, it said overall sales growth was 22% in the two months to the end of February, and UK sales were up 13% to GBP14.6 million from GBP12.8 million.
By Steve McGrath; [email protected]; @stevemcgrath1
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