Major cuts planned at fashion giant Boohoo as sales slashed by over £150m
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manchestereveningnews.co.ukFashion giant Boohoo is planning to make major cuts to its business after its sales were slashed by more than £150m during the first half of its financial year.
The Manchester-headquartered group has identified £125m of cost savings which it will make during the rest of this year and into 2024.
The listed group has posted pre-tax losses of £26.4m for the six months to the end of August 2023, compared to losses of £15.2m during the same period in 2022.
Boohoo's revenue also fell from £882.4m to £729.1m over the same time. In a statement issued to the London Stock Exchange, the group said it has identified more than £125m of annualised savings across the costs of goods, its supply chain and overheads.
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