Boohoo to break £1bn sales mark

Josh Hall's picture
by Josh Hall

Online discount fashion retailer Boohoo is set to break the £1 billion sales mark for the first time.

As The Times reports, the company made an unexpected shareholder announcement yesterday to say that its sales had risen faster than predicted.

The news bucks the trend in retail, which has suffered from a collapse in consumer confidence amidst Brexit uncertainty.

Boohoo, which is valued at £3.3 billion, has now overtaken Asos as the nation's favourite online clothing retailer.

It is also comfortably beating High Street retailers, many of whom are also calling on the government for action to save brick-and-mortar stores.

Retail trade bodies have repeatedly asked the government to change the business rates system to enable the survival of smaller physical outlets.

Boohoo is now predicted to record revenues of up to £1.1 billion this year, compared with £859.6 million last year.

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