Boohoo records £117 million drop in profits due to Covid

Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Online fashion retailer Boohoo has revealed a £117 million drop in their profits caused by the coronavirus pandemic. “Secondly, consumer demand has been subdued as a result of lockdowns in key markets throughout the year; and thirdly, our proposition internationally has been negatively impacted as a result of extended delivery times.” They added that they expect pandemic-related external factors that affect last year’s sales to “continue for the year ahead”. open image in gallery Boohoo says they could see a rise in prices despite cost-cutting initiatives Analyst Julie Palmer, partner at Begbies Traynor, said: “The outlook isn’t pretty, with inflation a real concern for this outfit, and falling consumer confidence may mean customers thinking twice before refreshing their wardrobes as we head into summer. Ms Palmer added: “Boohoo is going to have to come up with some new looks if it is going to stay relevant as it doesn’t take long for consumers to shop around for faster, more relevant alternatives these days.” In a statement, Boohoo said: “Our focus over the past two years has been on investing to build a strong platform, with the right infrastructure, supported by increased capacity to better serve our customers.