Sales at Boohoo fell over Christmas as consumers returned to physical shops and longer delivery times reduced demand.
The fast-fashion retailer recorded revenues of £637.7mn in the four months to December 31, down 13 per cent on a constant currency basis against the same period in 2021.
“Performance in the period is in line with expectations and reflects the normalisation of the channel shift online over the last 12 months”, said John Lyttle, Boohoo chief executive.
“Looking ahead, whilst the demand outlook is uncertain due to macroeconomic factors, cost inflation is expected to begin to moderate in the second half of the year”.
The company added that revenues would decline by about 12 per cent for the full year. Boohoo makes the majority of its sales in the UK and the US, where it saw the biggest falls year on year.
Boohoo’s share price fell 4 per cent in early morning trading. Its has lost almost 90 per cent of its value since its pandemic-induced high in June 2020.
