Online fashion retailer Boohoo lost £9.1m in its first half after revenue fell 17%, and it said a slower recovery in sales volumes than expected could result in little or no top-line improvement for the full year.
The British company, which includes PrettyLittleThing and Nasty Gal in its brand portfolio, reported revenue of £729.1m for the six months to the end of August.
It said today that revenue for its full-year to end-February 2024 was now expected to drop by 12% to 17%, a major downgrade from its previous forecast of flat to -5%.
But Boohoo said tighter inventory management, distribution improvements and cost cuts had delivered a 30 point improvement in its core earnings margin to 4.3%, in line with its forecast of 4% to 4.5% for the year.
"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," Group CEO John Lyttle said.
