Boohoo celebrates strong start to year
ONLINE fashion retailer Boohoo has had a flying start to 2015 with revenue up 35% to £41.3m and a 32% increase in active customers to 3.3 million.
The company, with a head office in Manchester and warehouse facilities in Burnley, reported improved momentum in the UK supported by its spring/summer #WeAreUS campaign with sales up 27%.
“We continued to grow our share of traffic, acquire new customers and increase order frequency with existing customers on the back of planned increases in marketing spend and investment in our customer proposition,” said its trading report for the three months ended May 31.
“International sales grew strongly and now represent 36% of group sales as we have executed on our strategy of concentrating on fewer key markets.
“Rest of Europe sales increased by 27% in the quarter despite significant Euro headwinds (45% CER).
“Growth in the rest of world segment accelerated to 66% during the quarter (70% CER), driven by continued investment in price and focussed marketing initiatives.”
A statement issued on behalf of joint chief executives Mahmud Kamani and Carol Kane said: “We continue to build boohoo.com for the long term and our clear objective is to deliver sustainable future growth. We remain absolutely focused on the execution of our strategy to continue to invest in our customer proposition and build market share in our key markets.
“Our investments in the warehouse are on track and we plan to begin partial utilisation of the warehouse extension from July. Whilst we have invested in accelerating our growth during the quarter, our important peak trading periods are yet to come.
“The board’s expectations for full year profit remain unchanged.”
