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Boohoo ups sales targets after strong Christmas

Group sales at the Prettylittlethings and Nasty Gal owner grew by 44% to £473.7mln in the four months to December

Boohoo Group PLC
Christmas sales were good at AIM's largest company

Boohoo Group PLC (LON:BOO) revenues soared in the run-up to Christmas as lower prices boosted demand.

Group sales at the PrettyLittleThing and Nasty Gal owner grew by 44% to £473.7mln in the four months to December, prompting it to raise its growth forecast for the year to February to between 40-42%.

Underlying profits (EBITDA) will also be slightly above expectations with net margins rising to 10.2% even though top-line margins dipped.

John Lyttle, chief executive, said all of its brands performed ‘exceptionally well’ and grew market share.

“The newly-acquired brands, MissPap, Karen Millen and Coast, are showing great promise and open different target markets for the group.”

Boohoo, which is Aim’s largest company, also announced audit committee head Brian Small has been appointed as deputy chairman.

Sophie Lund-Yates, equity analyst at Hargreaves Lansdown, said the performance was "gold plated" but growing at such a fast pace may have consequences.

"We cannot fault Boohoo’s expansion efforts so far, but continued growth will require new infrastructure in the future, and that brings execution risk," she said in an email.

Shares rose 4% to 330.7p on Tuesday morning.

--Adds analyst's comment, shares--

Quick facts: Boohoo Group PLC

Price: 314.2 GBX

Market: AIM
Market Cap: £3.66 billion

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