Manchester based online fashion retailer Boohoo Reported an expected fall in revenue in its latest quarter, reflecting higher product returns and a tough comparison with the same period last year when sales got a pandemic boost.
But the group, which sells clothing, shoes, accessories and beauty products aimed at 16 to 40-year olds, maintained its guidance for the full year.
Boohoo said on Thursday its revenue fell 8% to £445.7 million over the three months to May 31.
It said UK sales fell 1%, but returned to growth in May.Its international performance continued to be impacted by increased delivery times, with sales down 28% in the United States, down 9% in the rest of Europe division and down 15% in the rest of world division.
Boohoo warned last month that sales would fall in its first quarter. It forecast a return to growth in the second quarter and an improved performance in the second half
John Lyttle, CEO, commented:
“I am pleased with the progress we are making towards our strategic priorities, which is already having a meaningful impact operationally within the business. We have seen promising signs from the Group’s sales performance in the UK, which has improved month-on-month in the period and we are looking ahead towards our key summer trading season as holidays ramp up and customers look to the latest fashion from across our brands.”
Looking forward, we will continue to focus on optimising both our financial and operational performance to ensure the business is well placed to take advantage of future growth opportunities.”
