Posted on September 25, 2019 by staff

boohoo breaks £1bn revenue barrier

boohoo breaks £1bn revenue barrier

boohoo founders Carol Kane and Mahmud Kamani
boohoo founders Carol Kane and Mahmud Kamani

Online fashion group boohoo has posted six-month revenues of £564.9 million as part of its latest results.

For the six months ended 31st August 2019 the company achieved a 43 per cent increase in revenue from the same period a year earlier.

International sales were up 55 per cent while those generated in the UK grew 35 per cent. International now accounts for 44 per cent of group revenue.

Overall profit before tax for the group was up 83 per cent to £45.2m.

Founded in 2006 in Manchester, the boohoo group includes boohoo.com, PrettyLittleThing and Nasty Gal among other brands.

It now has more than 15 million customer accounts across all its brands.

boohoo.com revenue was up 34 per cent ar £281m, while PrettyLittleThing grew sales 41 per cent to £237.6m and Nasty Gal recorded revenue of £43.9m, up 148 per cent. 

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CEO John Lyttle said: “It has been a fantastic first half of the year for the group. We have delivered significant market share gains across all of our key markets, and for the first time in our history, revenue has exceeded £1 billion in the last 12 months.

“We have delivered strong growth and operating leverage in our more established brands and will continue to invest in both our more established and newly-acquired brands.

“We enter the second half of the year well-placed and confident that our platform, which combines the latest fashion, great prices and excellent customer service, all underpinned by a well-invested infrastructure, will deliver further market share gains.”