10th Jun 2015 06:45
LONDON (Alliance News) - Online fashion retailer boohoo.com PLC Wednesday reported a rise in revenue in the first quarter of its financial year, boosted by marketing campaigns and by price and customer investments, and said its profit expectations for the full year remain unchanged.
Boohoo.com said that total revenue in the three months to May 31 was up 35% to GBP41.3 million on the same period the year before, with UK sales up 27%, the rest of Europe up 27% and sales in the rest of the world growing 66%.
The retailer said total revenue would have increased by 37% if exchange rates had remained constant. On a constant currency basis, sales in the rest of Europe grew by 45%, and revenue in the rest of the world by 70%.
The online retailer said that sales in the UK were boosted by its spring/summer #WeAreUS campaign and as it acquired new customers and increased its frequency with existing customers on the back of planned increases in marketing spend and investment in its customer proposition.
International sales were driven by continued investment in price and focused marketing initiatives, it said.
Boohoo.com added that is has 3.3 million active customers, which is a 32% increase on the prior year.
"We continue to build boohoo.com for the long term and our clear objective is to deliver sustainable future growth. We remain absolutely focused on the execution of our strategy to continue to invest in our customer proposition and build market share in our key markets," Joint Chief Executives Mahmud Kamani and Carol Kane said in a statement.
"Our investments in the warehouse are on track and we plan to begin partial utilisation of the warehouse extension from July. Whilst we have invested in accelerating our growth during the quarter, our important peak trading periods are yet to come. The board's expectations for full year profit remain unchanged," they added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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