Boohoo upgrades full year guidance on soaring sales
London-based online fashion retailer boohoo has upgraded its full year guidance for investors on the back of “strong revenue growth”.
In its half year trading update issued via the London Stock Market, boohoo group performance was ahead of expectations with strong revenue growth driving operating leverage across key brands.
“Consequently, the board now anticipates that results for the current financial year will be ahead of previous guidance, with Group sales growth now expected to be between 33% and 38% (against previous guidance of 25% to 30%).
Boohoo also said it anticipates margins on earnings before tax and other deductions for the financial year to remain at around 10% (in line with previous guidance), reflecting anticipated investments across the financial year into the three brands acquired by the Group in the first half.
The London-listed retailer is expected to publish its half time numbers later this month on 25 September.
Boohoo’s shares surged 14% higher to £2.76 following the announcement.
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