Online fashion giant Boohoo has slumped to an almost £91million loss after shoppers were hit by the soaring cost of living. However, shares in the company made strong gains after bosses said it will improve profitability over the new financial year and push forward with efforts to stem its declining sales.
The retailer revealed that sales slipped by 11% to £1.77billion for the year to February 28, compared with the previous year. Sales have dropped as shoppers grappled with rocketing household costs, such as higher energy and food bills, over the past year.
The group said revenues in the UK were down 9% for the year, with a weaker performance over the second half after “inflation increased and consumer demand was impacted by cost of living pressures”. Meanwhile, international revenues dropped by 13% as the group said longer delivery times also impacted trade.
