British online fashion retailer Boohoo weathered negative publicity over its supply chain failings, reporting a 32 per cent rise in sales in its latest quarter, benefiting from rising demand as lockdown restrictions eased and the integration of new brands.
Boohoo, which sells clothing, shoes, accessories and beauty products aimed at 16 to 40-year olds, said revenue rose 32 per cent to £486.1 million (€565 million) in the three months to May 31st compared to the same period last year.
"I am delighted with our performance in the first quarter, particularly as it was always going to be challenging to produce strong growth rates on last year, when lockdowns around the globe drove such high traffic to online retailers," the group's Irish chief executive, John Lyttle, said.
In January, Boohoo purchased the Debenhams brand out of administration for £55 million and in February bought the Dorothy Perkins, Wallis and Burton brands from the administrators of Arcadia for £25.2 million. – Reuters