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UK's Boohoo beats forecasts with 40 pct jump in profit

Reuters - UK Focus

LONDON, April 25 (Reuters) - British online fashion retailer Boohoo on Wednesday beat forecasts with a 40 percent rise in 2017-18 profit driven by a jump in revenue on rising e-commerce demand.

The firm, which sells own-brand clothing, shoes and accessories online to a core market of 16 to 30-year-olds, also said it had made a strong start to the 2018-19 year.

Boohoo made a pretax profit of 43.3 million pounds in the year to Feb. 28, up from 30.9 million a year earlier and topping the 39.4 million pounds expected by analysts, according to Reuters data.

Revenue soared 97 percent to 579.8 million pounds, ahead of company guidance.

Boohoo forecast revenue growth of 35-40 percent in 2018-19. (Reporting by James Davey; editing by Jason Neely)