BOOHOO TO PROFIT SLUMP
More than £490million was wiped off online fashion giant Boohoo’s value yesterday as its shares tumbled 15% after bosses cut its growth forecasts.
The industry heavyweight trimmed its full-year profit margin predictions after higher costs for transporting products and warehouse worker wages. Boohoo’s sales rose 20% to a record £976million in the six months to the
end of August. But profits slumped 64% to £24.6m as it invested in new brands and suffered Covid-related costs.