In the four months to December 31, Boohoo posted an increase in its revenues by 44% to £473.7 million. Standout performers were its USA and Europe regions with a respective 57% rise in sales while the UK sales advanced by 42%.
The group’s expected sales growth for the financial year to the end of next month is anticipated to be between 40% and 42% compared to initial estimates of 33%-38%.
“Boohoo’s latest record results for the last quarter of 2019 highlight why we have chosen the pureplay as one of the star performers of 2019 in our Clothing Retailing - UK, 2019 report. The 42% increase in UK revenue for the last four months of the year is even more impressive given the slight slowdown in the rate of online growth, with online consumer spending on fashion rising by 13% in 2019 compared with a jump of 25% in 2016. Boohoo has succeeded in growing in popularity in a very competitive fashion market at a time when several other online-only retailers have struggled, suggesting it is gaining share from both its pureplay and multichannel young fashion rivals. The retailers that are doing well in a more challenging retail market are those that understand their customer and are offering them more choice. Boohoo stands out from its rivals because its offering frequently changes, with hundreds of new styles added weekly, giving consumers a wide range of product choice and making the site a go-to online fashion destination. It also cleverly taps into the interests of its young customer base by harnessing the power of social media influencers and celebrities. The company’s two other main brands PrettyLittleThing and Nasty Gal also saw strong growth in sales, proving that Boohoo’s strategy to transform the group from a single brand fashion retailer into a multi-brand online fashion destination appealing to a wider audience is working.”