Boohoo, the online British fashion retailer, has witnessed its first quarter revenue jump by 32 per cent to clock £486.1 million.
The remarkable growth has been attributed to the strong sales growth that the e-tailer experienced in the US and the UK.
The first quarter, which ended 31 May 2021, saw the retailer’s revenue shoot up by 50 per cent in its UK market, while in the US the surge was 43 per cent.
Notably, in rest of the Europe, the revenue fall for the retailer was 14 per cent. As far as other parts of the world are concerned, Boohoo’s revenue fell by 15 per cent.
Despite impressive first quarter numbers, Boohoo hasn’t increased its outlook for the year ending 28 February 2022. The retailer had already predicted revenue growth of about 25 per cent for the period.
The EBITDA margins are expected to be in the range of 9.5 to 10 per cent for the year.
Ecstatic over the quarterly performance, John Lyttle, CEO, Boohoo, said that the two year CAGR of 38 per cent distinctly shows the Group’s consistent phenomenal growth, with revenues having increased by 91 per cent over the last two years.
The period also saw Boohoo relaunching its recently bought Dorothy Perkins, Burton and Wallis brands in addition to relaunching Debenhams as a digital department store.
The British e-tailer, which was founded in 2006, specialises in own brand fashion clothing, with over 36,000 products.