- 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.
- Photo Via Company
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