Boohoo posted a trading statement on Wednesday revealing a 39% rise in group revenue.
For the three months ended 31 May 2019, group revenue amounted to £254.3 million, up 39% compared to the same period last year.
The UK based online fashion retailer experienced a strong revenue growth across all geographies, with the UK up 27% and international up 56%.
Aimed at 16-30 year olds, Boohoo offers low-cost clothing, shoes and accessories. Alongside Boohoo, the company also owns the brands PrettyLittleThing and Nasty Gal.
As for its Boohoo brand, revenue was up 27% to £123.5 million, with growth accelerating from last year. PrettyLittleThing saw a revenue growth of 42% to £112.1 million, and the Nasty Gal brand’s revenue was up 153% to £18.2 million.
“The Group has made a strong start to the year as we continue to disrupt and capture market share in the UK and internationally across all our brands. I’m delighted that the Group topped the UK Hitwise rankings in May for the first time, demonstrating how our multi-brand strategy is really capturing our customers’ attention. We have ambitious plans for the Group, and continue to invest to ensure that our scalable multi-brand platform is well-positioned to disrupt, gain market share and capitalise on the global opportunity in front of us,” John Lyttle, company CEO, commented on the results.
Given that trading in the first quarter has been strong, the company continues to expect group revenue growth to lie between 25-30%, additionally predicting an adjusted EBITDA margin of roughly 10% for the year.
The founder of Boohoo is currently being sued for £118.5 million by a web developer, recent reports reveal.
In April, the company revealed its final results, posting a 38% rise in pre-tax profits. The company also rallied over Christmas, updating its full-year sales projection following the strong set of Christmas sales.
As of 09:17 BST Wednesday, shares in Boohoo Group plc (LON:BOO) were trading at -2.24%.
