Boohoo sales are surging as new brands PrettyLittleThing and Nasty Gal attract the eye of young internet shoppers.
But the shares took a hit, suggesting the City was expecting even greater growth. Revenue in the first quarter was up 39% to £254 million.
The core Boohoo brand enjoyed a 27% leap in revenues to £123.5 million, with growth of 42% to £112.1 million for PrettyLittleThing and 153% to £18.2 million at Nasty Gal.
The shares fell more than 6% in early trading, however. The results were “good, but maybe not good enough for the share price”, RBC analyst Sherri Malek wrote in a note to clients.
The stock was later down 1% at 229p.
Recently hired chief executive John Lyttle said: “We have ambitious plans for the group, and continue to invest.”
He added: "The group has made a strong start to the year as we continue to disrupt and capture market share in the UK and internationally across all our brands.”
