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Boohoo Group hit by high returns levels

Boohoo Group saw high returns levels which it expects to continue to the first half of its 2022/23 financial year the company has revealed in its latest trading update.

Boohoo Group said that sales rose 14% in the full year to 28 February but that higher returns during the Christmas period slowed sales growth in its final quarter.

Before returns it said that gross sales were up 26% year on year for the fourth quarter. Boohoo blamed the higher level of returns on its product mix.

Although UK performance has been strong Boohoo Group said the company’s international business continued to suffer longer delivery times as a result of the supply chain pressures of the pandemic.

Despite this the company is predicting profits of £125 million for the full year.

 

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  • Boohoo Group