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Surging costs and shipping delays force Boohoo to slash sales forecast
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Fast fashion group Boohoo has warned that full-year profits and sales will be lower than expected after being hit by more customers returning clothes, delivery disruptions and surging costs.
Shares in the online clothing retailer plunged 15% in response to its second warning in four months, despite its insistence that the current difficulties facing the business were mostly related to the pandemic and therefore “transient in nature”.
Boohoo said that while overall demand has grown since the first and second quarter, it was suffering the effects of global shipping delays, rising costs linked to the pandemic, and “exceptionally high” levels of returns – particularly of its dresses – that forced the group to slash full-year expectations for
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