British online fashion retailer Boohoo forecast a better performance in its new financial year after profit halved in 2022/23 when shoppers were hit by a cost-of-living crisis and many returned to physical stores post-pandemic.
A woman poses with a smartphone showing the Boohoo app in front of the Boohoo logo on display in this illustration taken September 30, 2020. REUTERS/Dado Ruvic/IllustrationCore earnings forecast at 69 mln-78 mln pounds in 2023/24forecast a better performance in its new financial year after profit halved in 2022/23 when shoppers were hit by a cost-of-living crisis and many returned to physical stores post-pandemic.
But supply chain issues, higher product returns, competition from rivals like Shein and rapidly rising living costs hit them hard. Boohoo expects sales to fall by 10% to 15% in the first half, before a return to growth in the second half.
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