Boohoo, which issued a profit warning at the beginning of the year, said in a trading update that mobile traffic now represents almost half of all sessions and daily unique visitors to its website. It said that
mobile conversion improved by over 40% in the last quarter.
The group, which targets 16-24 year old consumers, said revenue jumped 22% over the two months to 28 February while overall active customers for the year is now 29% up at 3 million.
“We continue to build our business for the long term, as we stated at our IPO last year, and our clear objective is to deliver sustainable growth,” said joint CEOs Mahmud Kamani and Carol Kane. “We remain absolutely focused on execution and are increasing our marketing spend in FY16 to drive momentum in the business.”
Boohoo is under pressure to increase its customer base, expand and boost revenues after it issued a profit warning in January this year. It only launched an IPO in March 2014.
“Whilst the period proved a challenging trading environment, we have still grown the business by 25%, albeit short of our previous expectations,” said Boohoo’s joint CEOs Mahmud Kamani and Carol Kane in a statement at the time.
The Boohoo stock price has had a rough ride since it listed on London’s mid-cap market AIM. It floated at 50p, soared to 85p on its first day of trading and is trading now 66% lower to date at 25.20p.
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