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Markets News

Boohoo raises guidance after 51% jump in first-half profit

LONDON, Sept 30 (Reuters) - British online fashion retailer Boohoo, seeking to rebuild investor confidence after failings were found in its UK supply chain, on Wednesday reported a 51% increase in first half profit and raised its full year guidance.

The company, which sells own-brand clothing, shoes, accessories and beauty products targeted at 16- to 40-year-olds, said it made a pretax profit of 68.1 million pounds ($87.4 million) in the six months to August 31, up from 45.2 million pounds a year earlier, on revenue up 45% to 816.5 million pounds.

It said group revenue for 2020-21 was now expected to grow by 28% to 32% versus approximately 25% previously.

$1 = 0.7794 pounds Reporting by James Davey; editing by Jason Neely

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