June 7 Online fashion retailer Boohoo.com Plc
on Wednesday 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 British company, which sells own-brand clothing, shoes
and accessories online to a core market of 16-24-year-olds, said
it expected group revenue for the year to Feb. 2018 to grow by
60 percent, compared with an earlier forecast of 50 percent
Boohoo also said it would raise 50 million pounds 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 percent to 120.1
million pounds ($155.54 million).
Boohoo made a pretax profit of 30.9 million pounds in the
year to Feb. 28. The company's shares are up nearly
threefold over the past year, according to Thomson Reuters data.
($1 = 0.7721 pounds)
(Reporting by Rahul B in Bengaluru. Editing by Jane Merriman)