Fashion Retailer Boohoo Registers 11% Revenue Decline In Four-Month Period Ending December

British online retailer Boohoo Group BHOOY posted an 11% decrease in total revenues for the four months to Dec. 31, 2022, in line with the previous guidance.
U.K. revenues declined 11% Y/Y. International revenues declined 10%, with extended delivery times compared to pre-pandemic levels continuing to affect the proposition.
Gross margin for the period was 49.7%, and the inventory reduced 27%.
The retailer had more than £300 million of gross cash at the end of December.
For the year ending Feb. 28, 2023, the company expects Adjusted EBITDA to be in line with market expectations.
Revenues are expected to decline approximately 12% over the financial year, with an adjusted EBITDA margin of approximately 3.5%.
With recent positive signs in global supply chains, the company expects to see some easing of disruption along with some relief to freight rates.
"Looking ahead, whilst the demand outlook is uncertain due to macro-economic factors, cost inflation is expected to begin to moderate in the second half of the year," said CEO John Lyttle.
Price Action: BHOOY shares closed lower by 0.78% at $11.42 on Wednesday.
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