Boohoo Sales Slump as Losses Soar
Quote from VATcal on 08/05/2024, 20:31Boohoo, the online fashion giant, has seen its sales and profits plummet in the past year, according to their full-year results released today. The company's losses ballooned to £159.9 million, a significant rise from the previous year's £90.7 million. This comes alongside a 17% decline in revenue, which fell to £1.5 billion.
Boohoo blames a combination of factors for their struggles. The "difficult market conditions" include rising inflation, which is squeezing consumer spending, and the return of shoppers to physical high streets after the pandemic lockdowns. Additionally, Boohoo faces stiff competition from the likes of the Chinese online retailer Shein.
Despite the bleak outlook, Boohoo points to some signs of improvement. The company highlights a slowdown in the year-on-year sales decline in the second half of 2024. They also boast an improvement in their gross margin, indicating a focus on profitability.
Boohoo, the online fashion giant, has seen its sales and profits plummet in the past year, according to their full-year results released today. The company's losses ballooned to £159.9 million, a significant rise from the previous year's £90.7 million. This comes alongside a 17% decline in revenue, which fell to £1.5 billion.
Boohoo blames a combination of factors for their struggles. The "difficult market conditions" include rising inflation, which is squeezing consumer spending, and the return of shoppers to physical high streets after the pandemic lockdowns. Additionally, Boohoo faces stiff competition from the likes of the Chinese online retailer Shein.
Despite the bleak outlook, Boohoo points to some signs of improvement. The company highlights a slowdown in the year-on-year sales decline in the second half of 2024. They also boast an improvement in their gross margin, indicating a focus on profitability.
