Boohoo posts drop in sales
Boohoo has posted a first-half drop in sales as the group focuses on its back-to-growth strategy.
In the six months to 31 August, revenue declined by 17% to £729.1 million as UK and international sales fell by 19% and 15% respectively.
Meanwhile, the retailer posted an adjusted pre-tax loss of £9.1 million compared to a profit of £6.2 million at the same time in the previous year.
John Lyttle, Boohoo group chief executive, said: “Over the first half we have made substantial progress across key projects and initiatives, including the launch of our US distribution centre. We have seen significant improvements in sourcing lead times and invested in pricing to reinforce our value credentials.”
Looking ahead, the group said it will continue to focus on its back-to-growth strategy through investments across product, price and proposition. Due to slower volume recovery than previously anticipated and the continued targeting of more profitable sales, it expects revenues for the year ending 28 February 2024 to decline by between 12% and 17%.
Lyttle added: “Our confidence in the medium-term prospects for the group remains unchanged as we execute on our key priorities where we see a clear path to improved profitability and getting back to growth.”
