// Boohoo shares were down by as much as 20% when markets opened this morning
// The dip came after the online retailer cut its forecasts for the second time this year
Boohoo shares have tumbled following yesterday’s profit warning, with shares in the group down by as much as 20% when markets opened in London this morning.
Shares in the online fashion giant have fallen sharply after it issued a warning over its sales and profits because of supply chain disruption, surging costs and higher rates of customer returns.
The Manchester-headquartered company cut its forecasts for the second time this year, confirming that it expects full-year net sales to rise by between 12% and 14%, compared with the 20% to 25% previously forecast.
Read more: Boohoo remains “highly confident” despite profit warning
The low share price has prompted YouTube star and professional stock trader Samuel Leach to invest £100,000 in the online fast fashion giant.
After purchasing the shares this morning (Friday 17 December), Leach tweeted to say that the shares were an “absolute bargain”, adding that the “stock is literally 71% discounted”.
He went on the add that PrettyLittleThing co-founder Umar Kamani and the rest of the team “are at the top of their game”.
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