Photo: petitepanoply
Sophia Taha

Manchester-based boohoo.com reports pre-tax profit up 3%

Manchester fashion e-tailer, boohoo.com, has reported pre-tax profits of £11m, an increase of 3% compared to the previous year.

The company has reported that revenues are up 27% with strong performances both in the UK and abroad.

The brand has over 3m active users,up 29% compared to the previous year and has successfully expanded its fashion ranges to include a petite offering and a fitness range.

Joint CEOs, Mahmud Kamani and Carol Kane, 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.

“As we focus on growth and creating value for our shareholders, we have made the investment to support the business including new systems, an expanded warehouse and enlarged and stronger teams.

“We remain confident in our proven business model and in the continued development of the on-line fashion market globally in which we are steadily increasing our market share. Having increased marketing spend towards levels seen in the first quarter last year (as a percentage of sales) we have seen a good start to the new financial year with improved momentum in the UK.

“Our international momentum has continued, reflecting greater focus on our key markets. Overall, the business continues to trade in line with management’s expectations.”

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