THE RETAIL BULLETIN - The home of retail news
Click here
Home Page
News Categories
Commentary
CX
Department Stores
Electricals and Tech
Entertainment
Fashion
Food and Drink
General Merchandise
Grocery
Health and Beauty
Home and DIY
Interviews
People Matter
Retail Business Strategy
Property
Retail Solutions
Electricals & Technology
Sports and Leisure
Christmas Ads
Shopping Centres, High Streets & Retail Parks
Uncategorized
Retail Events
People in Retail Awards 2024
Retail HR Summit
THE Retail Conference
Retail HR North 2025
Retail Ecom North
Omnichannel Futures 2025
Retail HR Central 2025
The Future of The High Street 2025
Retail Ecom Central
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Boohoo upbeat about return to growth

Boohoo is remaining upbeat about its prospects for a return to growth despite a drop in full year sales and adjusted EBITDA. In the year to… View Article

FASHION RETAIL NEWS UK

Boohoo upbeat about return to growth

Boohoo is remaining upbeat about its prospects for a return to growth despite a drop in full year sales and adjusted EBITDA.

In the year to 29 February, the online fashion group’s revenue declined by 17% to £1.4 billion due to “difficult market conditions” and its increased focus on profitability. Revenue was also impacted by the growth of the group’s marketplace offering with its commission-only revenue model.

Meanwhile, Boohoo posted a 7% drop in adjusted EBITDA to £58.6 million as its statutory pre-tax loss widened to £159.9 million from £90.7 million in the prior year.

However, the group said it had seen a positive trend in the performance of its core brands of Boohoo, Boohoo Man, Pretty Little Thing, Karen Millen, and Debenhams in the year, with the sales decline slowing from 9% in the first half to 4% in the second.

In addition, operating costs fell by 16% to £699 million as the group benefited from its ongoing cost savings programme.

John Lyttle, Boohoo group chief executive, said: “We have a highly loyal customer base and throughout the year we remained focused on maintaining our position as an industry leading, fashion-forward group with brands that deliver on-trend, high quality fashion at great value prices.

“The strength and diversity across our core brands means the group is well placed to serve a global customer base across fashion, beauty and home. Despite difficult market conditions, caused by high levels of inflation and weakened consumer demand, we made continued progress in the year.”

The group is targeting general growth, as well as continued improvements in adjusted EBITDA margin  in the current financial year and said it remains on track to deliver annualised cost savings of £125 million across cost of goods, supply chain and overheads.

Lyttle added: “The group is now well positioned to return to growth, and we are focused on ensuring that growth is both sustainable and profitable.”

Subscribe For Retail News