Boohoo sales rise 32% in latest quarter

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LONDON — British online fashion retailer Boohoo reported a 32% rise in sales in its latest quarter despite a tough year-on-year comparison, benefiting from rising demand as lockdown restrictions eased and the integration of newly acquired brands.

Boohoo, which sells clothing, shoes, accessories and beauty products aimed at 16 to 40-year olds, said revenue was 486.1 million pounds ($686.8 million) in the three months to May 31, up from 367.8 million pounds in the same period last year.

Britain and the United States were the stand-out markets, with sales up 95% and 157%, respectively.

In January, Boohoo purchased the Debenhams brand out of administration for 55 million pounds and in February bought the Dorothy Perkins, Wallis and Burton brands from the administrators of Arcadia for 25.2 million pounds.

It said the former Arcadia brands had been successfully integrated into its multi-brand business, adding that a new Debenhams online department store had been launched.

Boohoo maintained its guidance for full year 2021-2022 revenue growth of about 25%, with an overall core earnings (EBITDA) margin of 9.5-10%. ($1 = 0.7078 pounds) (Reporting by James Davey; editing by Sarah Young and Louise Heavens)

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