Boohoo share decline raises dotcom bubble fears
Monday 31 March 2014
Online fashion group Boohoo.com fell below its 50p float price for the first time today as fears about a dotcom bubble continue.
The cheap fashion website that targets 16 to 24 year-olds saw shares drop as low as 49p, a fall of 2p, despite reporting annual sales in line with City forecasts.
Boohoo revealed sales rose 62 per cent on the prior year to £109 million and said it expected its underlying earnings to be up more than 200 per cent on last year’s £3.9 million. The group’s full-year results are out on June 12.
Following the float this month, shares in the retailer went as high as 85p but have fallen since.
Fears of a bubble have emerged amid a raft of internet firms listing in London. Online electrical retailer AO World surged 44 per cent on its first day of trading but tumbled back in subsequent days and is now only 9 per cent higher than its 285p float price.
Other recent retail listings have been mixed. Pets at Home is down 2.5 per cent on its 245p offer price, but discount store group Poundland is up 27 per cent since its debut.
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