Manchester based online fashion retailer Boohoo said that its revenue fell 11% in its key Christmas trading period, hurt by delivery disruption and tough comparatives
For its financial year which ends on Feb. 28, Boohoo, which sells clothing, shoes and accessories aimed at 16 to 40-year olds, said adjusted core earnings would be in line with market expectations.
The sales fall during the Christmas period, the four months to the end of December, was partly due to longer delivery times, said Boohoo, and its UK market, where sales were also down 11%, was against a tough comparative period, as last year, COVID-19 meant shoppers favoured online orders.
Boohoo CEO John Lyttle said the dip in revenue “Reflects the normalisation of the channel shift online over the last twelve months.”
He expected cost inflation to “begin to moderate in the second half of the year”.
Boohoo also said today it had slashed its inventory by 27% in a bid to control costs.
