The Manchester based Boohoo has seen its annual earings fall as sales dropped by 7 per cent over the last 12 months
Total revenue dropped 17 per cent which it said reflected difficult market conditions and a strategy to target more profitable sales.
The group, whose brands include PrettyLittleThing, Karen Millen and Debenhams, posted an adjusted profit of £58.6 million in the year to the end of February against the £63.3 million it made in the previous year.
It highlighted the “strong growth” in the Debenhams marketplace, and heralded its “capital-light, stockless model” for driving high margin growth. To improve profitability in its non-core labels it has been transitioning them to the Debenhams marketplace, which it said was starting to bear fruit.
The group said it “took significant steps to reposition the group for sustainable, profitable growth” over the last year and is now targetting gross merchandise value growth as well as margin improvement.
