Boohoo

Boohoo (LON:BOO) raised its revenue guidance for the year despite a difficult Christmas for retailers.

The online clothing retailer, which also owns Pretty Little Thing and Nasty Gal, said revenue grew 44% to £328.2 million in the four months to December end, up from the £228.2 million posted a year earlier.

In the UK, revenues rose 33% to £180 million, meanwhile US sales soared 78% to £70.4 million.

Mahmud Kamani and Carol Kane, joint chief executives, commented: “We remain firmly focused on continuing to provide our customers with great fashion at unbeatable value.

“The global growth opportunity is significant and we will be addressing it in a controlled way – investing in our proposition, operations and infrastructure to capitalise on the opportunity.”

Boohoo’s results suggest there may be light at the end of the tunnel for retail, a sector that has been struggling as of late.

Back in September last year, the group raised its annual forecasts, amid a promising set of half-year results. 

At the time, the company pointed to growing demand in the US, with international sales now accounting for 41 percent of the company’s revenue.

Online retailer ASOS (LON:ASC) issued a surprise profit warning in November, amid economic uncertainty and weaker consumer confidence.

Boohoo was founded back in 2006. The company aims its clothing at 16-30 year olds.

Shares in Boohoo are currently +6.63% as of 10:44AM (GMT).