Boohoo has posted an 11% revenue drop to £637.7 million in the three months to 31 December, which was in line with the online fashion retailer’s previous guidance.
UK revenues declined by 11% year-on-year while international revenues fell by 10% after trade was impacted by extended delivery times compared to pre-pandemic levels.
During the period, the retailer maintained tight control of inventory and improved speed and flexibility within its global supply base. Inventory was also significantly reduced with a fall of 27% year-on-year.
Boohoo said its adjusted EBITDA is expected to be in line with market expectations in the year ending 28 February 2023. However, revenues are forecast to decline by around 12% in the period.
