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UK online fashion retailer Boohoo posts 49 percent profit rise

UK online fashion retailer Boohoo posts 49 percent profit rise
A shopper walks pass advertising billboards for Boohoo and for 'Pretty Little Things', a Boohoo brand, at Canary Wharf DLR station in central London, Britain, September 17, 2018. REUTERS/James Akena -
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LONDON (Reuters) – British online fashion retailer Boohoo reported a better-than-expected 49 percent jump in annual profit on Wednesday, bucking the trend in a tough market for clothing retailers as its affordable fashion chimed with consumers.

The group, which targets 16-30 year olds with its Boohoo, Nasty Gal and PrettyLittleThing brands, reported a pretax profit of 76.3 million pounds, beating market expectations of 66.9 million pounds, for its year to end-February. Revenue rose 48 percent to 856.9 million pounds.

(Reporting by Paul Sandle; editing by Jason Neely)

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