AIM-listed Boohoo (LON:BOO) is set to continue the retailer reporting season with its interims next week. The half-year results will come after blue-chip rival Next (LON:NXT) updated investors on its performance yesterday.
Boohoo’s share price has been little changed in London this Friday, having inched 0.1 percent higher to stand at 270.46p as of 13:44 BST. The group’s shares have added more than 42 percent to their value over the past year.
Boohoo to post results
Boohoo is scheduled to post interim results on Wednesday next week, having recently lifted its guidance, saying that it expects its full-year sales growth to come in between 33 percent and 38 percent, up from the company’s previous guidance for sales growth of between 25 percent and 30 percent. The retailer noted at the time that its performance in the first half of the year had “been ahead of expectations with strong revenue growth driving operating leverage across key brands”.
“The online fashion retailer has benefitted from consumers shift to online, with its stock up more than 50 percent since January and high street rivals becoming attractive targets,” Aaran Fronda, financial writer at IG, commented in a note this week, adding that the retailer’s “recent run of form has seen it outpace online rival Asos (LON:ASC) in terms of market value after the latter was hit by two consecutive profit warnings”. Boohoo’s current market cap stands at about £3.15 billion compared to its Asos’ £2.30 billion.
Analyst ratings update
Barclays, which rates the retailer as ‘equal weight,’ lifted its target on the Boohoo share price from 240p to 280p this month, while HSBC reaffirmed the company as a ‘buy,’ without specifying a valuation on the stock. According to MarketBeat, the London-listed company currently has a consensus ‘buy’ rating and an average price target of 278.18p.