Boohoo Group PLC (LON: BOO) have seen their shares jump on Tuesday morning after the firm reported a record number of sales across Black Friday weekend.
Boohoo.com is a UK-based online fashion retailer, aimed at 16–30 year olds. The business was founded in 2006, and had sales in FY2018 of almost £580m. It specializes in own brand fashion clothing, with over 36,000 products
Boohoo have had a very strong financial year, as the firm has seen its profits soar 83% as reported in September.
Once again, Boohoo have pulled it out of the bag in a time where competitors such as Koovs (LON: KOOV) have struggled, where Koovs saw its shares in red last week.
Boohoo said that it saw a record performance over the Black Friday weekend, as trading since the half year period had remained strong.
“Both warehouses have had a strong operational performance,” the online fashion retailer added.
Boohoo said: “Our new brands, Karen Millen, Coast, and MissPap, have been successfully integrated onto our platform. Initial ranges have been very well received, and we continue to broaden our product ranges as we progress our multi-brand strategy.”
In the year to the end of February, boohoo reported 38% growth in pretax profit to £59.9 million, as revenue rose 48% to GBP856.9 million.
Revenue growth across all territories and brands was strong, the company noted, with UK revenue up 37% and international revenue up 64%.
In the industry, competitors have slumped in a time where Boohoo continue to dominate the market.
FTSE100 (INDEXFTSE: UKX) listed Marks and Spencer (LON: MKS) saw a massive slump in their clothing division in November, which led to a very poor update.
Additionally, yesterday Ted Baker (LON: TED) saw its shares crash after the firm admitted to a £25 million balance sheet error.
Shareholders of Boohoo will remain confident in the firms ability to constantly produce impressive results in a time of tough trading, certainly shareholders will now look forward to the Christmas and Boxing Day trading periods where it will be likely that once again Boohoo will pull it out of the bag.