As Boohoo Group once again reports strong growth in sales and profits, we take a look at its half-year figures to see what the company puts it down to. In other words, what is the secret of its success?
Boohoo Group today reported sales of £395m in the six months to August 31 – 50% up on the same time last year – and said it was planning for group sales of £3bn as it looks to achieve its ambition of leading the fashion ecommerce market. Boohoo sales of £209m were 13% up on last time, but the strongest growth came from its PrettyLittleThing (£138.6m, +134%) and NastyGal (£17.7m, +118%) brands. Customer and order numbers grew across the brands. Pre-tax profits of £24.7m were up by 22% on last year.
Boohoo.com and PrettyLittleThing are both Top250 retailers in IRUK Top500 research.
The UK market remained the group’s largest market with sales of £234.0m up by 43% on the same time last year. But faster growth came in the rest of Europe (£51.2m, +72%) and US (68.1m, +74%) markets.
Joint chief executives Mahmud Kamani and Carol Kane welcomed record sales and profits as the group’s brands expanded internationally and at home. “We achieved market-leading growth in all markets, with rest of Europe and the USA being particularly pleasing. Growth in the UK, our largest market, remains very strong.”
Boohoo group says that its brands “design, source, market and sell great quality clothes, shoes and accessories at unbeatable prices.” This, it says, has helped it to grow from a single…