The online retailer announced a loss after tax of 140.9 million pounds ($176 million) in its financial year to the end of February.
LONDON – British fast-fashion retailer Boohoo , whose brands include Karen Millen and PrettyLittleThing, reported on Wednesday a near-doubling of annual net losses caused by high inflation and weak demand.The online retailer announced a loss after tax of 140.9 million pounds in its financial year to the end of February.That compared with a net loss of 75.6 million pounds in 2022/23, Boohoo said in a statement.
5 billion pounds year on year amid heavy competition from Chinese online retailer Shein and as consumers return to physical stores following the Covid pandemic.'Boohoo's full-year results were a painful read for investors,' noted Guy Lawson-Johns, equity analyst at Hargreaves Lansdown.'Revenue declined at high double-digit rates across all regions, including... in the US, which is seen as the group's pathway to major growth.'Boohoo shares dropped 1.2 percent to 34.
Deepens Losses At Online Fashion Group Boohoo
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A tornado in southern China kills 5 people and damages factories in the metropolis of GuangzhouBEIJING (AP) — A tornado struck the southern Chinese city of Guangzhou on Saturday, killing five people and damaging more than 140 factory buildings, state media said.
Read more »
Buffer stock mulled to fight inflationDefining the News
Read more »
Inflation most pressing concern, Cha-cha the least in Q1MANILA, Philippines: Controlling inflation remains the most pressing concern of nearly 7 out of 10 Filipinos while amending the 1987 Constitution is the least of their concerns in the first quarter of 2024, according to a survey by OCTA Research.
Read more »
Philippine inflation remains most urgent concern —OCTA surveyMajority of adult Filipinos believe that inflation remains the most urgent national concern for the first quarter of 2024.
Read more »
Japan inflation slips to 2.6% in MarchJapanese inflation slowed to 2.6 percent in March, largely in line with market expectations, data showed Friday.
Read more »
Middle-East conflict to stoke global inflationDefining the News
Read more »