Boohoo, the British online fashion retailer, has seen its sales go up by a good 14 per cent for the year that ended 28 February.
What’s noteworthy, however, is that higher return rates during the Christmas season slowed down the sales growth to 7 per cent in its final quarter.
The e-tailer hopes its full-year profits to be in line with market expectations of £125 million.
Before returns, sales were up by 26 per cent year-on-year over Q4. Notably, the higher return rates during the Christmas quarter are expected to continue in the first 6 months of 2022/2023.
Here it is important to state that when compared to 2019, the online retailer’s sales shot up by 61 per cent over the entire year.
Boohoo also added that while its performance in the UK continued to be robust, its international business got hit due to longer delivery times for customers – thanks to supply chain disruptions.
Boohoo Group is a British online fashion retailer that’s aimed at 16-30-year-olds. The business was founded in 2006, and generated sales of £856.9 million in 2019.
