UK online fashion retailer Boohoo (BOO.L), famed for its cheap and trendy clothing, recorded a massive surge in sales and pre-tax profits.
The group, which sells clothes, accessories and shoes for the target 16 to 30-year-old market, in its final results statement for the year ending 28 February 2019, revealed that revenue rose by almost 50% while pre-tax profits jumped by nearly 40% to £60m ($77.5m).
Boohoo, which was founded in 2006, bucked the trend for retailers, thanks to the increase in popularity from its brands PrettyLittleThing and Nasty Gal. PrettyLittleThing’s revenue rocketed by 107% to £374.4m while Nasty Gal’s sales jumped by 96% to £47.9m.
“I am very excited to have joined the boohoo Group at this key stage of its growth, with the group’s disruptive and proven business model having delivered yet another excellent set of financial and operational results,” said John Lyttle, CEO of Boohoo.
“In my short time within the business, I am delighted to have been able to meet a number of hugely talented people and have already been able to see many parts of the business. This has confirmed my belief and optimism that the group’s investments into its brands and infrastructure have allowed it to develop a scalable multi-brand platform that is well-positioned to disrupt, gain market share and capitalise on what is a truly global opportunity.”