There is just no stopping the King of AIM right now. Boohoo's (LON:BOOH) most recent trading update was more than impressive.
In the 4 months to end of December overall sales increased 44%.
Revenue across the three main brands increased:
Figures were not provided for Karen Millen, Coast or MissPap the three brands acquired in 2019. However Chief Executive John Lyttle said they were “showing great promise”
Defying High Street Gloom
What was not to like. These are a stellar set of results that are in stark contrast to the struggles of bricks and mortar fashion retailers on the high street which have posted lacklustre sales and anemic growth in recent trading periods.
The online retailer has successful transitioned from a UK focused firm to an international player with over 40% of sales now coming from outside the UK. As a result, Boohoo is defying the gloom engulfing the UK high street reporting a surge in sales, whist the sector as a whole suffered its worst year on record, according to the British Retail Consortium (BRC); consumer confidence remains low and retail sales weak.
Chart Thoughts
Shares have soared over 5% this morning, rallying to an all-time high of 335.89p. The stock is up 66% across the year.
The stock trades firmly above its 50, 100 and 200 sma, on a strongly bullish chart. The price has inched into overbought territory so a slight pull-back could be on the cards before the firm continues its charge northwards.
