Boohoo reports record Black Friday sales

Online fashion chain Boohoo has reported strong sales since the end of August as the online fashion giant said it benefited from a record performance across the Black Friday weekend.

Boohoo said it istradingcomfortably in line with forecasts for the rest of the year
Boohoo said it istradingcomfortably in line with forecasts for the rest of the year

The company said it is trading comfortably in line with forecasts for the rest of the year, after posting a 43 per cent jump in revenues in the six months to August 31.

It added that its recently acquired brands - Karen Millen, Coast and MissPap - have all been successfully integrated onto its platform.

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Boohoo said that initial ranges for the brands have been very well received and it will continue to broaden its product ranges as part of its growth strategy.

Boohoo purchased the Karen Millen and Coast brands out of administration in August, launching them online in October after administrators closed their 32 retail stores.

It has also previously hailed rapid sales for the MissPap brand it purchased in March.

The fashion firm also said that both of its warehouses have had a strong operational performance as they gear for the busy Christmas period.

Analysts at Liberum said: "That Boohoo has had a record Black Friday is not, in itself, unexpected for a growth company.

"However, it is pleasing given discounts this year were typically a blanket 30 per cent off for the Boohoo brand rather than last year's 'up to 60per cent off'."

The online retailer has seen its shares rise in 2019, recently taking its market value past rival Asos for the first time, on the back of continued rapid growth across its brands.

Boohoo also posted an 83 per cent jump in pre-tax profits to £45m when it reported its first half profits in September.

The surge in growth has come at a time when high street retailers with significant property costs have felt the strain, with a number of major brands falling into administration and shutting stores.

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