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PRIVACY
Retail & Consumer

Online fast fashion giant Boohoo expected to report sales surge

The listed group will update shareholders on May 5

Boohoo(Image: MDM)

Online fast fashion giant Boohoo is expected to reveal a surge in sales as house-bound shoppers swapped dresses for jogging bottoms next week.

The online retailer will also unveil the initial impact of its rescue deals for the Debenhams and three Arcadia brands – Dorothy Perkins, Burton and Wallis – which it snapped up earlier this year.

Investors will be hopeful that the acquisitions will help to keep up its strong sales momentum when it updates shareholders on Wednesday, May 5.

The Manchester-headquartered group is expected to report a 39% jump in sales to £1.7bn for the full year to the end of February.

"It’s been boom time for Boohoo through the pandemic, as shoppers switched from physical to virtual shopping baskets, lured by the e-retailer’s cheap prices," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

She added that the company’s "nimble supply chain" has allowed it to update its range rapidly and maintain momentum after acquiring new brands.

The company started to trade with the Debenhams and acquired Arcadia brands after the end of the financial year.

There will also be a focus on how sales have been impacted by the reopening of high street fashion retailers from April 12 and if this has dragged some customers away from its platforms.