Page 9 - John Lyttle News Today

Boohoo's profits have halved as shoppers deal with the ongoing cost-of-living crisis and flock back to physical stores post-pandemic.

Stocks in London were called lower on Tuesday, as investors looked ahead to critical US debt talks, set to resume later in the day, while the UK jobless rate rose unexpectedly and Vodafone plans to... | May 16, 2023

The retailer revealed sales slipped by 11 to £1.77 billion for the year to February 28.

Revenue also slipped at fashion giant, but was still significantly higher than last pre-pandemic total.

Online fast-fashion retailer Boohoo Group reported revenue of £1.77bn in its final results on Tuesday, representing an 11% year-on-year decrease.

Boohoo Group PLC shares rose strongly on Tuesday morning, despite the fast fashion retailer revealing an annual loss, as it said it expects a strong rebound this autumn. Shares in the London-based... | May 16, 2023

Stock prices in Europe closed lower on Tuesday, with underwhelming China data and little in the way of progress in US debt ceiling talks souring the mood. Corporate updates in London were mixed,... | May 16, 2023

Boohoo said consumer demand was impacted by cost-of-living pressures and many people returning to physical stores post-pandemic.

Josh Warner, market analyst at City Index, said: “What a rough year for Boohoo”

Boohoo Group has reported a pre-tax loss of £90bn as pressures mount on the back of higher labour and energy costs.