Online fashion retailer Boohoo.com today nudged its full-year sales forecast upwards after a doubling in first-quarter sales on the back of strong demand across all its businesses.
The UK company sells own-brand clothing, shoes and accessories online to a core market of 16-24-year-olds.
It said it expected group revenue for the year to February 2018 to grow by 60%, compared with an earlier forecast of 50% growth.
Boohoo also said it would raise £50m via a share placing to pay for expanding its warehouse capacity and maintain a strong cash balance.
Boohoo and online rivals such as ASOS are winning market share from traditional retailers, benefiting from the increasing popularity of smartphone e-commerce and their extensive use of social media.
The company, whose brands include PrettyLittleThing and Nasty Gal, said first-quarter revenue rose 106% to £120.1m.
Boohoo made a pretax profit of £30.9m in the year to February 28.
The company's shares are up nearly threefold over the past year, according to Thomson Reuters data.
