Boohoo's sales in the UK have fallen for the first time as it struggled to keep shoppers spending during its latest financial period.
The fashion giant has posted a group revenue of £445.7m for the three months to May 31, 2022. That compares to the £486.1m it achieved during the same period in 2021.
Its UK sales dipped from £274.6m to £272.1m while its revenue in the rest of Europe fell from £54.4m to £49.6m. US sales were also down from £131.9m to £95m but its revenue in the rest of the world increased from £25.2m to £29m. READ MORE: Boohoo CEO in line for major bonus boost as share price drop leads to executive pay revamp In a statement issued to the London Stock Exchange, Boohoo said its revenue declined because of Covid-19 lockdowns in the prior year driving "comparative strength".
Chief executive John Lyttle said: "I am pleased with the progress we are making towards our strategic priorities, which is already having a meaningful impact operationally within the business. "We have seen promising signs from the group's sales performance in the UK, which has improved month-on-month in the period and we are looking ahead towards our key summer trading season as holidays ramp up and customers look to the latest fashion from across our brands. "Looking forward, we will continue to focus on optimising both our financial and operational performance to ensure the business is well placed to take advantage of future growth opportunities." Boohoo's brands include BoohooMAN, Karen Millen, Nasty Gal, PrettyLittleThing, Coast, Misspap, Oasis, Warehouse, Burton, Wallis, Dorothy Perkins and Debenhams.
Read more on manchestereveningnews.co.uk
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