Skip to content
Search

Latest Stories

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".

More For You

India cuts bourbon whisky tariffs after US pressure

FILE PHOTO: Jim Beam bourbon is shown in Chicago, Illinois. (Photo Illustration by Scott Olson/Getty Images)

India cuts bourbon whisky tariffs after US pressure

INDIA has slashed tariffs on bourbon whisky to 100 per cent from 150 per cent, a move that will benefit imports of brands like Suntory's Jim Beam, after US president Donald Trump's criticised "unfair" levies in the South Asian market.

Trump, who met Indian prime minister Narendra Modi at the White House this week, has railed against the climate for American businesses in India and unveiled a roadmap for reciprocal tariffs on countries that put duties on US imports.

Keep ReadingShow less
Prudential to list Indian asset management venture

Prudential chief executive Anil Wadhwani

Prudential to list Indian asset management venture

INSURER Prudential plc announced that it is considering a partial listing of its stake in ICICI Prudential Asset Management, one of India's leading investment firms. The news sent Prudential's shares soaring by 5.8 per cent to close at 722p on the London Stock Exchange.

The FTSE 100 company currently holds a 49 per cent stake in the Indian joint venture, which market analysts estimate to be worth around £4 billion. ICICI Bank, which owns the remaining 51 per cent, has confirmed its intention to maintain its majority shareholding, emphasising its "long-term commitment" to the partnership that began in 1998, reported the Times.

Keep ReadingShow less
NatWest-Reuters

The bank has set a new performance target, aiming for a return on tangible equity of 15-16 per cent in 2025 and above 15 per cent by 2027. (Photo: Reuters)

What’s driving NatWest’s better-than-expected profit growth?

NATWEST reported higher-than-expected annual profit on Friday, supported by its growth strategy, improved productivity, and capital management efforts.

The bank, which once had assets worth 2.2 trillion pounds—more than twice the size of the British economy—has undergone years of restructuring to focus mainly on domestic consumer and mortgage lending.

Keep ReadingShow less
London business district
A general view shows the London's financial district from an office window in Canary Wharf. (Photo: Getty Images)

Economy grows 0.1 per cent in fourth quarter, defying expectations

THE UK economy expanded by 0.1 per cent in the final quarter of 2024, contrary to forecasts of a contraction, according to official data released on Thursday.

The growth, supported by a stronger-than-expected 0.4 per cent rise in December, offers some relief to chancellor Rachel Reeves as she navigates broader economic challenges.

Keep ReadingShow less
BP-Reuters

Fourth-quarter profit dropped 61 per cent compared to the previous year, marking BP’s weakest results since Q4 2020, when the pandemic reduced global oil demand. (Photo: Reuters)

BP reports lowest quarterly profit in four years, plans strategy reset

BP reported a quarterly profit of £943 million on Tuesday, falling short of expectations and marking its lowest in four years.

The company said it plans a "fundamental reset" of its strategy, days after reports that Elliott Management had taken a stake in the oil major.

Keep ReadingShow less