STOCKHOLM (Reuters) – Swedish online fashion retailer Boozt raised its 2020 profitability forecast for a second time in two months on Friday, after second-quarter sales jumped as many shoppers stayed at home in the COVID-19 pandemic.

Boozt and other Nordic retailers are, however, bracing for a pick-up in competition after U.S. e-commerce giant said earlier this month it was preparing to launch a Swedish site, confirming long-running rumours.

Boozt said second-quarter sales rose 38% from a year earlier to 1.22 billion Swedish crowns ($140.2 million) as its core platform grew 29% and cut-price – on which the group has said it is increasing focus – jumped 168%.

Operating profit leapt 146%, to 120 million crowns.

“The migration from offline to online has accelerated and we have worked hard to strengthen our market position,” CEO Hermann Haraldsson said.

“We welcomed more than 300,000 new Nordic customers to our

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