Boohoo’s sales surged by 45% in the quarter to the end of May as consumers turned to online shopping during the coronavirus lockdown. The online fashion retailer, which owns brands including Nasty Gal, Pretty Little Thing, Coast and Karen Millen, said customers were opting for loungewear and athleisure as a result of the shift to a more home-centred lifestyle. The company, which is paying £5.25m to take over the online businesses of the Oasis and Warehouse chains, said trading had initially been mixed as the UK went into lockdown. Sales from the middle of March into early April fell as a result of the initial impact of the pandemic. However, trade since then has been strong. The retailer’s shares have bounced back strongly since the market crash in March and were up 9% to 425p by lunchtime on Wednesday, up from 157p in mid-March. The company is valued at £5.3bn, compared with Marks & Spencer’s market value of £2.1bn. “During unprecedented and challenging times the group has delivered a very strong trading and operational performance,” said John Lyttle, Boohoo’s group chief executive. “While there is a period of uncertainty within the markets in which we operate, the group is well positioned to continue making progress towards leading the fashion e-commerce market globally.” Lyttle is in line for a £50m bonus if he can get the company’s market value to £5.6bn, under the terms of the incentive package the company agreed when he was hired from Primark in 2018. Boohoo said sales were strong across all geographical areas and soared by 45% to £368m in the quarter to May. In the UK, which accounts for half of total revenue, sales were up 30% to £183m. In the US, Boohoo’s second biggest market, sales rose 79% to £92m. Boohoo said Oasis and Warehouse would be integrated into its online platform. The brands generated £47m in revenues in the year to the end of February. In May, Boohoo raised £198m from investors to take advantage of acquisition opportunities as retail businesses struggle to recover from the pandemic. The company expects revenues to grow by a quarter this year. “Boohoo continues to defy the doubters,” said Russ Mould, the investment director at AJ Bell. “Any scepticism over demand for its clothes in lockdown, on the premise that its targeted demographic no longer needs to dress up to go out, looks unfounded after a stunning surge in sales. “Given the scale of the coronavirus crisis, consumers’ willingness to spend has been impressively resilient. The question for Boohoo is whether this can continue when the full economic fallout feeds through.” Last month Boohoo bought out a minority stake in Pretty Little Thing. It paid an initial £270m, potentially rising to £324m, for a 34% stake in PLT, which is part-owned by Umar Kamani, the son of Boohoo’s chairman and co-founder, Mahmud Kamani.