Boohoo! Big losses for fashion retailer
By Sarah Wood | 8th May 2024
Online fashion retailer, Boohoo, saw a 17% fall in sales in the last year.
The firm's losses hit almost £160m, as sales fell to £1.46bn for the year to February 29, as reported by Retail Gazette.
Boohoo said the sales decline had slowed from 9% in the first half to 4% in the second half across its five core brands - Boohoo, BoohooMan, Debenhams marketplace, PrettyLittleThing and Karen Millen
It said there was "strong growth" in the Debenhams marketplace - a "capital-light, stockless model". To improve profitability in its non-core brands, it has been moving them over to the Debenhams marketplace.
The retailer invested £64.8m in infrastructure for future growth, including its warehouse automation project, which it said will help deliver £125m in cost savings over the coming year.
Boohoo said it is "well positioned to return to growth".
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