Raises Annual Sales Guidance for Third Time | News & Analysis

LONDON, United Kingdom — British online fashion retailer Plc on Thursday raised its full-year sales forecast for the third time after revenue doubled for the four months ended December, sending its shares up in early trading.

The company, which sells clothing, shoes and accessories online to a core market of 16 to 24-year-olds, said group revenue was expected to grow 90 percent for the year to February 2018, ahead of its previous forecast of 80 percent, revised in September. It also revised the forecast in June.

Group revenue doubled to £228.2 million ($307.8 million) for the four months to December 31 on stellar sales during Black Friday.

Shares of the company were up 1.1 percent at 209.6 pence at 0806 GMT. They were fifth most traded stock on the London Stock Exchange.

Boohoo, whose brands include PrettyLittleThing and Nasty Gal, has been winning market share from traditional retailers, benefiting from the increasing popularity of smartphone e-commerce and their extensive use of social media for promotion.

Revenue from PrettyLittleThing rose 191 percent for the four-month period year-on-year.

Boohoo has been a star UK stock market performer, with its shares rising 460 percent over the last 24 months.

Boohoo and online rivals such as ASOS are bucking challenging conditions in the British clothing sector, where traditional retailers have flagged slowing demand for clothing.

By Rahul B; editors: Amrutha Gayathri and Bernard Orr.


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