Boohoo has increased its half year sales by 20% to £975.9 million after doubling its share in key markets.
However, adjusted pre-tax profit dropped by the same percentage to £63.8 million as profitability was impacted by a range of cost headwinds relating to the Covid-19 pandemic and its investment in newly acquired brands.
In addition, its second quarter performance was affected by UK returns rates coming back to pre-pandemic levels and physical stores reopening. Trading also felt the effects of Covid-19 related disruption across the group’s key international markets.
Despite this, Boohoo said it had made significant progress in the period as it invested in its brands, infrastructure and platform to support future growth.
During the period, Boohoo relaunched its recently acquired Debenhams brand as a digital department store and integrated and relaunched the Dorothy Perkins, Wallis and Burton brands.
