Lingerie drives revenue growth at Boohoo.com

Lingerie helped Boohoo.com more than double its profits and boost its revenue in the first half of the year.

The Manchester-based retailer said revenues had jumped 40% to £127m, maintaining the growth achieved in the previous quarter, while profit before tax soared 129% to £14.4m in the six months to August 31.

A key driver of growth was its recently-introduced lingerie range, which has made a “very promising start”, according to the group, while its core womenswear ranges, plus-size fashion and new tall line also put in a solid performance.

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Boohoo.com said currency exchange movements since the EU referendum had not significantly affected results due to foreign exchange hedges placed several months earlier.

Mahmud Kamani and Carol Kane, joint CEOs at Boohoo, commented: “We are pleased to report a strong performance in the first half of the year, with robust growth across all regions and continued momentum in new customer growth.

“As a result of our continued momentum in the UK and encouraging growth in selected overseas markets, we now expect revenue growth for the full year of between 30% and 35%, reflecting tougher second half comparatives. 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 life me value.”

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