Boohoo (LON: BOO) has reported a surge in profits thanks to the continued shift to internet shopping.
The online fashion retailer saw profits increase by 22 percent in the past six months following strong sales of cycling shorts and playsuits.
PrettyLittleThing and Nastygal owner saw sales increase by 50 percent to £395 million in the six months to 31 August.
“All our brands are taking market share,” said Neil Catto, Boohoo’s chief financial officer. “The signs are that the market is tough generally but we are in the right place.”
The group has said it now expects full-year sales to rise by up to 43 percent – three percent more than previously expected.
Sales for PrettyLittleThing also rose by 132 percent to £168.6 million, while NastyGal grew by 111 percent in £17.7 million.
Current executives Mahmud Kamani and Carol Kane will take on new roles and have said they will work closely with Lyttle.
“Our group results for the first half year show yet another strong performance, delivering record sales and profits. All of our brands performed extremely well across all territories as we continue to gain market share,” said Kamani and Kane in a statement.
Boohoo boasts a popular presence on social media. The retailer has 6.3 million followers on Instagram, which is a 200 percent rise in the last 12 months.
The group also has a series of celebrity ambassadors including body positivity model Ashley Graham.
“It was a really good fit for us,” said Kane. “This performance has been the strongest in the group’s history, I’m very proud to say this.”
Shares jumped nine percent on the news.
