Fashion: Boohoo sees sales rocket

The group reported a 106 per cent increase in sales to £262.9m in the six months to August 31 as pre-tax profit rose 41 per cent to £20.3m.

Growth was helped by the recently acquired PrettyLittleThing, which clocked up a 289 per cent rise in sales to £72.7m.

Joint bosses Mahmud Kamani and Carol Kane said that the stellar results gives the firm “confidence to raise guidance for the full year”.

Boohoo now expects group revenue growth to come in around 80 per cent up on last year, an increase on previous guidance of 60 per cent.

Mr Kamani and Ms Kane said: “Boohoo’s revenue has continued to grow across all geographies, with international growth being strongest as we continue to increase our market share overseas, and the newly acquired PrettyLittleThing brand has exceeded our growth expectations.

“PrettyLittleThing is fast gaining recognition amongst our target consumers as a highly desirable fashion brand in the UK, and its international growth is very encouraging, confirming its considerable potential.”

They also pointed to the success of boohooMAN and Nasty Gal, another of its sub-brands.

The firm has gone from strength to strength of late, with its market capitalisation closing in on £3bn.

Earlier this year Boohoo raised £50m to help fund a new warehouse in a bid to keep up with soaring demand.

The “automated super-site” will provide Boohoo with more than £2bn of sales capacity.