Boohoo Shares jump to all-time high following trading update
Abraham Darwyne
Company News - 2 mins
10:24, 14th January 2020

Boohoo Group (BOO) FOLLOW shares jumped after a trading update, which saw sales jump 44% across all regions, led by strong performance of the core boohoo brand.

Boohoo also revised its full year revenue growth outlook upwards to between 40% to 42%, up from its previous guidance of 33% to 38%.

The company reiterated its medium term guidance of 25% per year sales growth and 10% EBITDA margins.

The AIM-listed firm’s market valuation on Tuesday reached £3.87 billion, making it worth more than food and clothing retailer Marks & Spencer (MKS).FOLLOW

Shares jumped 5% to 333.9p during Tuesday morning trading

John Lyttle, CEO, said: “I am delighted to report the group has enjoyed record trading in the last four months of 2019.”

He added: All of our brands have performed exceptionally well and delivered strong market share gains. We have continued to see operating leverage in our more established brands, and will continue to invest into them and our newly-acquired brands.”

He continued: “The newly-acquired brands, MissPap, Karen Millen and Coast, are showing great promise and open different target markets for the group, in line with our strategy to build our multi-brand platform."

PrettyLittleThing delivered revenue of £190.8 million for the four months, up 32%, and Nasty Gal delivered revenue of £41.5 million, up 102%.

Boohoo also appointed Brian Small as Deputy Chairman of the Board on Tuesday.

Mr. Small serves as Chair of the group's Audit Committee, and is to lead the Non-Executive Directors ‘on matters where independence is required’, the company said.

Follow News & Updates from Boohoo here: FOLLOW

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