// Boohoo fell to a pre-tax loss in its full-year results
// Sales slipped 11% while UK revenues were down 9% against last year
Boohoo plunged to a £90.7m pre-tax loss in its full-year results as shoppers deal with the ongoing cost-of-living crisis and flock back to physical stores post-pandemic.
On an adjusted basis, the online fast-fashion retailer made a £1.6m pre-tax loss, from a £82.5m profit the year prior.
Sales slipped 11%, or 9% in the UK, although the business said it expects an improved performance in its new financial year.
It forecast 2023/24 revenue would be flat to down 5%, with a focus on profitable sales, and adjusted EBITDA of £69-78 million, in line with market expectations.
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The online retailer said that despite the profits plunge it had made ”significant progress” in its priorities for getting back to growth and has reduced its inventory level by 36% on last year.
Group chief executive John Lyttle said: “Over the last three years, the group has achieved significant market share gains. Looking ahead, we are investing for the future growth of this business with automation, local fulfilment capacity in the US and building global brand awareness.
“We will deliver sustainable returns on these investments. We will continue to give our customers the latest trends, outstanding value and a great experience.
“Our confidence in the medium-term prospects for the group remain unchanged, and as we execute on our key priorities we see a clear path to improved profitability and getting back to double-digit revenue growth.”
Last week fellow online fashion retailer Asos, which overhauled its business model last year, reported a first-half loss and forecast a further decline in sales.
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