Boohoo lifts full-year sales growth after strong Christmas season
Relief for UK retail sector following Asos profit warning
Advertising billboards for Boohoo and for ‘Pretty Little Things’, a Boohoo brand. Photograph: James Akena/File Photo/Reuters
Online apparel seller Boohoo lifted its forecast for full-year sales growth after a strong Christmas season, offering a measure of relief to an embattled UK retail sector.
Boohoo lifted its growth forecast for the year to a range of 43 per cent to 45 p n cent from a range of 38 per cent to 43 per cent. Sales for the four months through December 31st were up 44 per cent.
The results allay some concerns that the crisis in UK retail was spreading to online shopping, after a pre-Christmas profit warning from rival Asos.
The retailer’s growth has been led by popular brands PrettyLittleThing and Nasty Gal, each of which saw revenue growth of more than 70 per cent. The company has been adept at digital marketing through social media like Instagram.
Global opportunities for the firm are significant, Boohoo said. The company has tapped former Primark executive John Lyttle, who’s set to become Boohoo’s new chief executive officer in March. – Bloomberg