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boohoo Group PLC on Thursday said revenue was down across all of its operations as it continues to focus on optimisation.
The online fashion retailer said group total revenue for the four months to December 31 was £637.7 million, down 11% from £714.5 million a year ago.
boohoo reported that UK revenue was similarly down 11%, to £400.8 million from £451.0 million in the same period a year prior, blaming this on ‘a strong prior year comparative’.
The company said US revenue was £128.9 million, down 12% from £145.8 million a year ago, while revenue in the rest of Europe was down 8% at £73.5 million, from £79.9 million.
boohoo said it has improved cash generation through tighter cost control, inventory management, and an improved working capital cycle. The company noted that it has reduced its inventory by 27% compared with a year ago.
boohoo said the introduction of automation in its Sheffield distribution centre will ramp-up efficiency improvements in the coming months.
Chief Executive Officer John Lyttle said: ‘Performance in the period is in line with expectations and reflects the normalisation of the channel shift online over the last twelve months, but demonstrates the significant market share gains the group has made over the last three years.
‘The group has continued to invest in key strategic priorities that will enable future growth, and the progress made gives us confidence that as macro-economic headwinds ease it will be well-positioned to rebound strongly.’
boohoo shares were down 7.3% trading at 43.90 pence per share on Thursday morning in London.
By Harvey Dorset, Alliance News reporter
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