boohoo Q1 sales improve market confidence

AIM-listed online clothing retailer boohoo (LON:BOO) watched its share price increase by 6.99% to 416.50p (as of 16:00 BST) after reporting a 45% rise in revenues for the three months to 31st May. While sales increased in all regions, the growth was driven by very strong performance improvements in the US and Europe. Management said that the expect full year revenue growth to be around 25% with adjusted EBITDA margins of 9.5-10%.

CEO John Lyttle commented: “During unprecedented and challenging times, the Group has delivered a very strong trading and operational performance. I am proud of how our colleagues and business partners from around the world have responded to ensure that we can safely bring to our customers the latest fashions, great value, fantastic prices and best in class service. Whilst there is a period of uncertainty within the markets in which we operate, the Group is well-positioned to continue making progress towards leading the fashion e-commerce market globally“.