Boohoo’s first-half revenue fell 15% to £620mn. Gross Merchandise Values (GMV) were down across all regions, including a 2% decline in the UK and an 18% decline in the US.
As a result, underlying cash profit (EBITDA) fell by nearly a third to £21mn.
£222mn of debt had been refinanced with existing lenders, which should reduce the group’s interest costs.
CEO John Lyttle has also decided to step down after five years in the role. Lyttle will remain with the company until a successor is found to help ensure a smooth transition.
In the second half, the group expects to generate higher GMV and underlying cash profit, despite further investment into its brands.
The shares were broadly flat in early trading.
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Boohoo key facts
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