Online retailer boohoo.com posts big jump in revenueThursday 12 June 2014 09.29
British online fashion retailer boohoo.com reported a 24% jump in first-quarter revenue on the back of a strong full-year performance, as recovering consumer confidence spurred more people to shop online.
The retailer floated on London's Alternative Investment Market in March.
Boohoo reiterated its outlook today and said it anticipated "revenue growth to accelerate as comparatives become less demanding" during the rest of the year.
Boohoo designs, sources, markets and sells own-brand clothing, shoes and accessories through its website to a core market of 16- to 24-year-old consumers in the UK and around the world.
The company, majority-owned by its founders Kamani family,said UK revenue rose 44% while Europe was up 36% in the first quarter ended May 31, adding that revenue growth in May was double that seen in March.
Full-year pretax profit more than tripled to £10.7m at the retailer. Revenue came in at £109.8m in the year to the end of February compared with £67.3m pounds a year earlier.
Boohoo said it recently amended its pricing strategy in Australia to reflect weakness in the Australian dollar. A weak performance in Australia dragged the company's "rest of the world" revenue down 20%.