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Boohoo Records Strong Sales Growth During Last Four Months Of 2018

The online retailer, Boohoo recorded strong sales growth during the September-December 2018 period showing a sign that the people prefer online shopping over the high street.

The fashion retailer also owns the PrettyLittleThing and Nastygal fashion labels, whose revenues in the four-month period jump 44 per cent to £328.2 million.


Boohoo described the latest data as ‘another great set of results’. Revenue from PrettyLittleThing nearly doubled, rising by 95 per cent to £144.2m, while there was 74 per cent growth in NastyGal's revenue to £20.6m.

The company has also revised its revenue growth forecast for the financial year 43 per cent to 45 per cent, up from a previous estimate of 38 per cent to 43 per cent.

Boohoo founded in 2006 targets the audience in the age group of 16 to 30-year-old in the market. The distributes its stock from a huge warehouse in Burnley, and it claims to have more than five million customers.

Julie Palmer, the partner at business consultancy Begbies Traynor, speaking on the latest data said that the latest results would "go some way to restoring calm" after the surprise pre-Christmas profit warning from rival online fashion retailer Asos.

"Customers are basing their decisions on price, and Boohoo is very competitively placed to capitalise on this. Tie in the fact that overall footfall is down on the High Street and online sales continue to grow, Boohoo is entering 2019 in a very strong position."

She also noted that Boohoo should continue with its innovative ideas if it wants to stay in fashion sector. According to the latest Red Flag Alert, the number of online retailers in the financial crisis rose 8500 last year.

Boohoo group looks immune to the turbulent situation in the UK retail sector over the last few months, according to Emily Salter, a retail analyst at data and analytics company GlobalData.

She added that 2019 should be another successful year, but warned UK growth could slow because of "the relative maturity of the brands".

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