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Gloucestershire Business News

Soaring sales at online fashion retailer

While fashion retail has been hit hard  by the coronavirus pandemic, Boohoo Group is set to unveil a huge rise in sales for the past year.

In its full-year trading results, to be published later this week, the retailer is expected to post a sales jump of around 42 per cent to £1.22 billion for the year to February, as reported by Retail Gazette.

While closed stores have had a huge impact on high street brands, the online-only retailer, which owns brands including PrettyLittleThing, Coast and Karen Millen has been able to keep trading.

In January, Boohoo said it expected to deliver revenue growth of between 40 per cent and 42 per cent for the year to February 2020, after a strong festive period.

However in line with fashion retailers across the board, analysts predict that sales could fall by 25 per cent in the current quarter and remain flat in the following three-month period.

Boohoo said all of its warehouses were still operating, after alterations to working practices to meet government health and safety requirements.

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