New product lines has helped boohoo drive revenues 27% higher
New product lines has helped boohoo drive revenues 27% higher for the year ending 28-Feb-15. During the period Boohoo successfully launched boohoo Petite, boohoo GIT and added to the rapidly growing boohoo Plus range.
North West Richard Frost

The launch of new product lines has helped Boohoo drive revenues up by a quarter to almost £140m.

The Manchester-headquartered online fashion retailer, which completed an IPO on AIM in March 2014, also reported strong growth outside the UK.

According to its results for the year ending 28 February 2015, Boohoo generated revenues of £139.9m, up by 27 per cent year-on-year. The company revealed that UK revenues climbed by 33 per cent, while rest-of-Europe sales jumped by 39 per cent and rest-of-world turnover nudged up by 7 per cent. It added that one third of revenue is now generated outside the UK.

Meanwhile, pre-tax profits edged up by 3 per cent to £11.1m over the same period.

During the period, Boohoo said that it successfully launched the boohoo Petite and boohoo FIT ranges, adding to the rapidly growing boohoo Plus range. And it announced that it now had more than three million active customers, up by 29 per cent on the prior year.

Mahmud Kamani and Carol Kane, joint CEOs of Boohoo, said: "We are pleased to report a year of significant progress on so many fronts. While delivering a result in line with our revised guidance, we have also taken major steps operationally to ensure boohoo is prepared for the anticipated growth ahead.

"Our customers' reaction to our product ranges across markets continues to be very encouraging and we are excited by our new launches including petite, fit and forthcoming tall collections and the success of our rapidly growing plus size collection.

"We continue to invest in the brand as we develop in key markets (UK, Australia, USA, Ireland and France) where we see the greatest long term growth potential. All the while we are constantly improving the customer experience and our country specific-pricing remains agile to ensure we stay on top of our game."