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Online fashion retailer Boohoo lost 9.1 million pounds in its first half after revenue fell 17%, and it said a slower recovery in sales volumes than expected could result in little or no top-line improvement for the full year. The British company, which includes PrettyLittleThing and Nasty Gal in its brand portfolio, reported revenue of 729.1 million pounds ($880.2 million) for the six months to the end of August.
The fast fashion firm plans to make cost savings after predicting a big fall in sales.
Bets that US interest rates will stay higher for longer today continued to weigh on stock market sentiment. As well as the focus on the rates outlook, today’s London session included updates from Boohoo and the food-on-the-go chain Greggs.
Turnover at Boohoo Group — which includes boohoo, PrettyLittleThing, and Debenhams marketplace — were down 10 per cent in half-year to August
Group revenues for the six months fell by 17% year on year to £729.1m as the number of orders fell by 18%. Adjusted EBITDA declined by 12% year on year to