April 26, 2017 / 6:27 AM / 8 months ago

UK online fashion retailer Boohoo sees profits double

LONDON, April 26 (Reuters) - British online fashion retailer Boohoo on Wednesday reported a doubling in annual profit, driven by robust demand in its home market and overseas, particularly in the United States.

The firm said trading in the first few weeks of its 2017-18 financial year had made “a promising start” and it forecast revenue growth for the year of about 50 percent.

Boohoo, which sells own-brand clothing, shoes and accessories online to a core market of 16-24 year-olds, has been one of the stars of the UK stock market over the last year with its shares rising 280 percent.

It made a pretax profit of 30.9 million pounds ($39.7 million) in the year to Feb. 28.

That compared to analysts’ average forecast of 28.7 million pounds, according to Reuters data, and 15.7 million pounds in 2015-16.

Revenue rose 51 percent to 294.6 million pounds. ($1 = 0.7791 pounds) (Reporting by James Davey; editing by Kate Holton)

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