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Boohoo’s growth continues as the USA steals the show

Online retailer Boohoo continued its strong growth after unveiling strong gains in revenue and profitability for the 6 months ending 31 August 2020.

With revenues at £816.5m (+45%) and profit before tax of £68.1m (+51%), the firm brushed off the Leicester factory scandal.

One of the key highlights from today’s update was its growth in the USA; an 83% growth rate with revenues of just over £202m.

The share price of Boohoo remained relatively unchanged following the positive update, suggesting that much of the positive news was already priced in following its recent recovery from 212p to touch 400p once more.

Commenting on the results was John Lyttle, CEO of Boohoo who noted:

“We are grateful to all and pleased to be able to report a strong performance with continued high growth rates in revenue and strong profitability. We also acquired two new well-known women’s brands, Oasis and Warehouse, and we acquired the remaining minority interest in PrettyLittleThing, all of which will support our continued growth and profitability. The group has continued to gain market share in all key markets and we remain optimistic about the group’s prospects with the belief that it is well-positioned to continue making progress towards leading the fashion e-commerce market globally.”

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