LONDON: Britain’s Boohoo raised its full-year revenue forecast on Thursday on strong demand from its young customers for brands like PrettyLittleThing and Nasty Gal, sending the online fashion firm’s shares to an all-time high.
Shares in Boohoo, founded 14 years ago in Manchester, northern England, rose as much as 17 per cent to an all-time high of 285.3 pence, as it said it expected its full-year revenue to rise between 33 per cent and 38 per cent, ahead of its previous 25 per cent to 30 per cent guidance, which would deliver a corresponding rise in earnings.
Online retailers like Boohoo are growing fast, often at the expense of traditional shopping outlets such as Marks and Spencer.
Boohoo had defied weak consumer confidence to deliver “another stellar performance over a warm summer”, analysts at Jefferies said, forecasting a 3-4 per cent rise in consensus for sales and core earnings in the year to February 2020. — Reuters
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