Manchester-based Boohoo,a global brand for young customers, has released a trading statement that showed falling sales. In the three months to 31 May, total sales fell to £445.7 million, down by 8 per cent year-on-year.
Revenue in the UK in the latest quarter fell 1 per cent to £272.1 million, but was up by 94 per cent against the pre-pandemic period.
In the rest of Europe, the revenue fell by 9 per cent to £49.6 million.
Increased delivery times continued to have an impact on international performance as revenue in the US fell by a sizable 28 per cent to £95 million, but increased by 85 per cent compared to the pre-pandemic three months.
In the rest of the world, the revenue increased by 15 per cent to £29 million.
The company has taken steps to optimise its operations and position itself to rebound strongly as pandemic-related headwinds ease. Revenue growth in FY ‘23 is expected to be in the low single digits, with a return to growth in Q2 and improved growth rates in the second half.
Commenting on the performance, John Lyttle, CEO, Boohoo, said “We have seen promising signs from the Group’s sales performance in the UK, which has improved month-on-month in the period and we are looking ahead towards our key summer trading season as holidays ramp up and customers look to the latest fashion from across our brands.”
