British online fashion retailer Boohoo bucks subdued industry trend
Group's share price up 42% so far this year as it posts stellar sales for its first quarter
London — British online fashion group Boohoo bucked a tough retail market with robust sales growth in its latest quarter as its offer of cheap clothing, delivered quickly, chimed with shoppers.
Boohoo, which sells own-brand clothing, shoes, accessories and beauty products, said on Wednesday that revenue rose 39% to £254.3m in its first quarter, the three months to May 31. The group achieved strong revenue growth across all geographies, with UK sales up 27% and international up 56%. Its gross margin was 55%.