Boohoo reassures on strong trading performance

Online fast fashion retailer Boohoo has moved to reassure stakeholders that its trading performance remains on track in the wake of a profit warning from competitor Asos.

The retailer is not due to provide an update until next month on the four-month period to 31 December, but issued a statement yesterday (17 December) to say its trading performance remains “strong.”

It also highlighted “record” Black Friday sales across the group and said it continues to trade comfortably in line with market expectations.

In September, Boohoo – which owns the PrettyLittleThing and Nasty Gal brands – upped its full-year revenue guidance on the back of growth in all regions in the first half of the year. 

Its latest statement follows a warning by Asos that a slowdown in November sales means it will no longer meet its FY2018/19 revenue growth target of 20%-25%. Shares in Asos were down by more than 38% yesterday afternoon.