Online fashion retailer boohoo has reported that its UK sales for the quarter to 31st December 2016 increased by 45 per cent over the same quarter in 2015 with sales from Europe up by 33 per cent and other countries up by 52 per cent. The business now has 3.9 million active customers. Joint CEOs Mahmud Kamani and Carol Kane said of the results “Trading in the four months to 31 December 2015 has been very encouraging across all regions with overall revenue growth of 45 per cent (49 per cent at constant exchange rates. We have continued to optimise the mix of promotional and marketing spend to drive strong retail growth, reducing the proportion of marketing expenditure, offsetting the 290bps decline in retail gross margin, which includes the adverse impact of exchange rate movements.”
The business has invested in a new warehouse extension and a new UK app and expects its full year results, at year end in two months time, to show revenue growth of 30 – 35 per cent.
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