Boohoo Group slipped to a pre-tax loss in the year to 28 February 2023 as the cost-of-living crisis hit.
The online fashion retailer reported a loss of £90.7m, compared to a pre-tax profit of £7.8m the previous year and a £92.2m profit to FY 2020/2021.
Sales also fell by 11 per cent to £1.7bn, although revenue was 43 per cent greater than in 2020, the last pre-pandemic reporting year.
Boohoo said it reduced its inventory level by 36 per cent on the 2022 financial year, or by £101m in absolute terms.
Cash generation remained “strong” with £30.2mln free cash flow which is supporting growth ambitions.
“Looking ahead, we are investing for the future growth of this business with automation, local fulfilment capacity in the US and building global brand awareness,” said chief executive John Lyttle.
“Our confidence in the medium-term prospects for the group remain unchanged, and as we execute on our key priorities we see a clear path to improved profitability and getting back to double-digit revenue growth,” he added.
