Boohoo puts last year’s troubles behind it as profits make a jump

 
Kasmira Jefford
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Mahmud Kamani founded online fashion firm Boohoo in 2006 with Carol Kane (above)
Boohoo said yesterday that it has put last autumn’s troubles behind it after reporting a 27 per cent jump in full-year sales.

Boohoo’s share price plummeted by around 40 per cent in January after the e-tailer issued a shock profit warning, blaming heavy promotional activity on the UK high street following the warm autumn season.

The warning came just 10 months after floating on the stock market to much fanfare, with shares soaring as much as 60 per cent on its debut.

The online fashion retailer said yesterday that increased marketing spending on a new video campaign called #WeAreUs as well as the launch of 100 different fashion styles every day onto its site was helping to boost customer loyalty and drive sales.

Revenue for the year to 28 February totalled £139.9m, in line with its lowered forecasts, while earnings before interest, tax, interest and other items increased by 16 per cent to £14.1m.

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