Boohoo boosts full-year guidance after sales jump

British online retailer Boohoo has recorded a steep uptick in its sales.

The online fashion firm told the City in an unscheduled update that buyers bought more of its products than it had projected in the first six months of its year.

The company expects its sales for the year ending in February 2020 to grow by up to 38 per cent, compared with its previous guidance of 30 per cent.

Boohoo is scheduled to report first-half financial results on September 25.

The company expects earnings before EBITDA (interest, tax, depreciation and amortisation) margins for the financial year to remain at around 10 per cent - in line with previous guidance.

Its profit guidance shows recent merger and acquisition activity in the first-half of the financial year when it acquired Miss Pap, Karen Millen, and Coast.

It also runs sister brands Nasty Gal and Pretty Little Thing.

Manchester-based Boohoo was founded by Carol Kane and Mahmud Kamani in 2006.

The firm, which is valued at £3.3 billion, has now overtaken its rival Asos as the country’s favourite online clothing seller.

Amid Brexit uncertainties, the company is also easily beating High Street retailers.

Boohoo is now expected to report revenues of up to £1.1 billion this year, compared with £859.6m last year.