Boohoo sales surge 40% ahead of Christmas

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Boohoo sales surged 40% to £661m in the four months to 31 December.

The group is seeing strong sales over the pandemic and more people turn to online shopping as high street stores close.

The surge in sales is despite the poor working conditions for employees in the UK and abroad.  An investigation by the Guardian found that Boohoo factories in Leicester were not paying workers the minimum wage.

The online retailer has hired Leveson to “bring transparency and independence” to their “agenda for change”. In today’s comments on the Agenda for Change, Leveson said: “It is clear that there is a long way to go.”

Following the strong peak trading performance, Boohoo revenue growth for the financial year to 28 February 2021 is expected to be 36% to 38%, ahead of our previous guidance of 28% to 32%.

John Lyttle, Boohoo chief executive, commented: “I’m delighted with the Group’s performance over the peak trading period. Our team worked exceptionally hard in 2020 as we navigated the many challenges, including the COVID-19 pandemic and the successful acquisitionand integration of Oasis and Warehouse.

“Growth has been strong across our multi-brand platform and we have continued to grow our market share across all geographies. I’m pleased to be able to provide a further update on our Agenda for Change programme today, which demonstrates our ongoing commitment to transparency as we invest in our approach to sustainability and our supply chain for the benefit of all of the Group’s stakeholders. The Group is in an excellent position entering 2021, which we expect to be another year of progress towards our goal
of leading the fashion e-commerce market globally.”

Boohoo shares (LON: BOO) are trading -3.47% at 339,00 (0937GMT).