Already ambitious forecasts for future growth have been raised again for the online fashion retailer.
Sales and profits for Boohoo have more than doubled in the first half of the year, due to its fast fashion strategy and recent acquisitions of brands Nasty Gal and PrettyLittleThing.
They reported that sales had soared from £127.3m to £252.9m in the six months to August 31st with pre-tax profits shooting up to 41 per cent to £20.3m in the same period.
Boohoo boosted their growth expectations for the company, saying that group sales would be around 80 per cent higher than the previous 60 per cent estimates.
Joint chief executives Mahmud Kamani and Carol Kane said in a statement “The strong performance in the first half-year and our expectations for the second half have given us confidence to raise guidance for the full year”
Half of all Boohoo products are manufactured in the UK, meaning that the company can provide fast turnaround times of about four to six weeks of new styles.
To win over their target market of 16 – 30-year olds, their marketing strategy focuses heavily on social media influencers, bloggers, student campus tours and events.
The Manchester based company acquired PrettyLittleThing and US retailer Nasty Gal earlier in the year which helped them to achieve the massive growth they’d had.
Kamani and Kane said about the two new acquisitions “The integration of the two new brands has been successful, adding diversity to our business,”
Although despite the rise, shares for the company slipped almost 10% in midday trading.
However, with stock rising 142% over the past 12 months, analysts said that the over-optimistic expectations and strong performance was what led to the fall in shares.