Boohoo in fashion for float as sales and profits rocket

ONLINE fashion retailer Boohoo.com has reported a dazzling set of financial results, showing a 132% hike in annual sales and a surge in profits.

The Manchester company, which recently confirmed that it is looking to list on the stock market in the first quarter of 2014, saw sales rocket from £29m to £67.2m in the year to February 28 as customer numbers soared.

Growth was not just confined to UK – where revenues rose 68% to £43.8m. International sales increased from £2.9m to £23.5m and now account for 35% of the total.

Profits in the same period grew from £249,000 in 2012 to £3.2m.

The company said that since its year end it had continued to woo new customers – and now has more than two million active shoppers – double the number of a year ago.

Joint chief executive Mahmud Kamani said: “Our absolute priority is to ensure our customers get what they want – fast fashion at value for money prices.

“We will never be complacent and will continue to go the extra mile in sourcing, designing and delivering the best products for our fashion conscious customers.”

Based on Dale Street, Manchester, and with warehouse in Burnley, Boohoo grew its workforce from 134 to 210 in the year under review, accounts for parent company Wasabi Frog show.

As well as ladies fashion and accessories the company also sells menswear.