Boohoo this week said it was winning more customers, fast.
In a year-end trading update, the online fashion retailer said it had turned over more than £109m in the year to February 28, 62% up on the same time last year. Adjusted EBITDA (earnings before interest, taxes and depreciation of assets) was expected to grow by more than 200% on the £3.9m profits reported last year.
“The strong growth,” it said, “is being generated by boohoo.com’s rapidly expanding customer base both in the UK and overseas.”
The company said it would release its first set of results since floating on the London Stock Exchange on June 28.
Boohoo.com raised £300m when it floated earlier this month. At the time it earmarked £50m to spend on expanding the business both in the UK and around the world.
It also cited figures suggesting the global apparel market was growing at 2.8% a year, and will hit an estimated value of £987bn in 2017. Meanwhile, it said that in the UK online retail sales would take 23.5% of total fashion retail sales by 2016.
Boohoo, which has more than 2.3m active customers, sells its own-brand clothing aimed at 16 to 24-year-olds, through English and French language websites, launched in 2006 and 2013 respectively.
