Boohoo's share price reaches an all-time high after it upgrades forecast

 
Helen Cahill
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Boohoo targets millennial shoppers online (Source: Getty)

Online fashion retailer Boohoo's share price climbed 5.47 per cent in early morning trading, reaching an all-time high of 78.68p, after the company revised its expectations for the year upwards.

The board announced its results for the current year will be "above expectations", with sales growth between 28 per cent and 33 per cent - up from an anticipated 25-30 per cent growth.

Boohoo said: "The company has performed well during the first five months of the year and the start to August has been encouraging. Demand has been robust and sales momentum in the first quarter has continued into the second quarter."

"Sell through of seasonal stock has been strong through the Spring and Summer season.

"The board continues to be positive about the trading environment for boohoo.com."

The business has climbed back from tough times in 2015; it posted a profits warning last January, and its share price plummeted to a record low.

It then launched new apps in the UK, US and Australia, capitalising on the growth in mobile for ecommerce, especially among millennials, its target market. The apps allowed for more flexible delivery and return options, helping Boohoo to keep its existing customers and entice new ones.

The retailer also sought to serve those customers better by investing in a new warehouse.

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