Revenue at UK based online fashion retailer Boohoo.com Plc surged 35 per cent year over year for the three months to May 31, 2015.
According to a Boohoo.com press release, its sales for the first quarter of fiscal 2016 soared to £41.32, up 35 per cent over £30.65 million, it reported in the first quarter of fiscal 2015.Revenue at UK based online fashion retailer Boohoo.com Plc surged 35 per cent year over year for the three months to May 31, 2015.According to a#
It said that its gross margin for the reporting period touched 60.6 per cent, while its active customer base drove up 32 per cent year on year to 3.3 million in the same quarter.
For the quarter under review, the online fashion retailer which retails apparel to the 16-24 years age group had £58 million cash in its balance sheet.
The retailer added by saying that apart from UK, it continued to show strong performance in the rest of the world region.
“We have seen a good start to the financial year with improved momentum in the UK supported by our spring/summer #WeAreUS campaign,” it further added.
“Sales in the UK were up 27 per cent from the same quarter of previous fiscal, as we continued to grow our share of traffic, acquire new customers and increase order frequency,” Boohoo.com informed.
“This was achieved on the back of planned increases in marketing spend and investment in our customer proposition,” it explained.
For the quarter under review, international sales grew strongly and now represent 36 per cent of group sales as it executed its strategy of concentrating on fewer key markets.
Rest of Europe sales increased by 27 per cent in the first quarter of fiscal 2016, despite significant euro headwinds.
“Growth in the rest of world segment accelerated 66 per cent during the reporting quarter, driven by continued investment in price and focussed marketing initiatives,” the online retailer observed.
Joint chief executives Mahmud Kamani and Carol Kane said, "We continue to build Boohoo.com for the long term and our clear objective is to deliver sustainable future growth.”
“We remain absolutely focussed on the execution of our strategy to continue to invest in our customer proposition and build market share in our key markets,” they too added.
“Our investments in the warehouse are on track and we plan to begin partial utilisation of the warehouse extension from July,” they jointly noted.
“Whilst we have invested in accelerating our growth during the quarter, our important peak trading periods are yet to come and the board's expectations for full year profit remain unchanged," the duo too observed.
Bohoo.com designs, sources, markets and sells own brand clothing, shoes and accessories to 16-24 year old consumers in the UK and globally.
It is a lifestyle driven, online destination for young, fashion conscious women and men, offering customers access to the latest, on-trend fashions across a range of boohoo branded products.
The Group has a well-established brand in the UK, Ireland and Australia, and currently sells products into over 100 countries. (AR)
Fibre2fashion News Desk - India
marketing@alchempro.com
