Boohoo vows to keep prices down despite losing over £90m

Boohoo has vowed to keep its prices as low as possible despite losing over £90m during the last year.

The fashion giant, which is one of Manchester's largest companies, said by "investing in price" it will help encourage more sales and fuel its return to growth.

The group, whose brands include PrettyLittleThing and Debenhams, has also been encouraged to take inspiration from rival Asos and accept higher-quality products from third-party brands.

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Boohoo slumped to a pre-tax loss of £90.7m in the year to February 28, 2023 as the cost-of-living crisis squeezed shoppers and more returned to the High Street.

The loss came after the group made a profit of £7.8m in the prior year and £92.2m in the 12 months before that.

Its revenue also slipped from £1.98bn to £1.76bn over the year although the latest figure is still ahead of the £1.23bn it reported in 2020.

UK revenue fell 9% in the year but was still 61% higher than 2020's regional total. International revenue fell 13% but was up 22% on 2020.

During the year the number of people employed by Boohoo increased from 5,350 to 6,190.

Chief executive John Lyttle said: "Over the last three years, the group has achieved significant market share gains.

"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. We will deliver sustainable returns on these investments.

"We will continue to give our customers the latest trends, outstanding value and a great experience.

"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