SAD TIMES FOR BOOHOO AS SHOPPERS FLOCK TO HIGH ST

ONLINE fashion retailer Boohoo suffered a dismal Christmas as shoppers flocked to high street stores or cut back altogether.

Sales in the UK fell 11pc in the four months to the end of December compared with a year earlier.

Demand for clothes from brands such as Nasty Gal and Pretty Little Thing was ‘uncertain’ due to the economic crunch, chief executive John Lyttle said. But he reckoned cost inflation would ‘begin to moderate’ in the second half of the year.

High street stalwarts such as Next and JD Sports have done well despite the downturn, but online retailers like Boohoo and Asos have suffered.

Boohoo blamed ‘extended delivery times compared to pre-pandemic levels’ as another factor affecting sales. Shares fell 10.5pc, or 4.96p, to 42.31p, after total sales hit £638m in the four-month period – a 13pc drop on a year earlier, across the group.

Investment bank Liberum said that while Boohoo shares looked like they may a bargain, ‘there is better value elsewhere for now’ due to its ‘diminished prospects’.