Boohoo sees strong revenue and profit growth
Boohoo, the online fashion retailer which recently launched its Premier service offering UK shoppers unlimited next day delivery and free returns for a year for a one-off payment of £9.99, has reported a 40% jump in revenues and a 29% increase profits. For the six months up to 31 August 2016, Boohoo racked up revenues of more than £127m and an operating profit of over £14m. In terms of revenue, the UK was up 38%, the rest of Europe up 41%, the US up 93%, and the rest of world up 17%.
Mahmud Kamani and Carol Kane, joint CEOs, commented: “Following the success in the first half of the year we will continue to look for opportunities to invest in marketing campaigns and our customer proposition to drive future sales growth and improve customer lifetime value. We will also be making significant investments in our IT systems and Ecommerce platforms.”