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But some green shoots springing up
Well there was one surprise that I wasn't expecting in the results and that was the size of the exceptional items! That and a £20m increase in deprecation led to a massive loss number
Revenue was impacted by Debenhams as I said it would be. It's not just the commission cost, it's the opportunity foregone for the other brands where marketing spend drives a far higher £ return. The reduction in revenue on labels seems to have hit a maximum reduction and now and core brands seem to be gaining momentum. There is a caution however, in that the reduction from 9% to 4% may be a mix of slightly softer comparators and improving momentum. I've not had time to look closely enough yet.
It's great to see GMV being quoted and it helps to show the massive growth curve Debenhams is going through. I still hope to see a partial spin off in the next couple of years.
The business seems to be operating far more efficiently now and still further cost savings to be made. I'm a little concerned that margin is down in half two but that is likely due to the US DC.
Liquidity I don't think is a concern at the moment but it could become so. £230m remains of the RCF, reducing to £165m at some point next summer. It is quite possible there will be another cash outflow this year, although I hope not, by about £30-40m.
EBITDA has remained broadly flat and at an operating level the business is just about washing its face.
I hope all of the restructuring costs have now been accounted for, other than the USDC and it seems likely to me.
It seems that the UK market is gaining confidence, the focus on the core brands seems to be the right strategy, especially Debenhams. But it is still highly competitive out there.
It seems to me that the bottom may well be in but Q1 results are now very important
I've posted a few times that this is the last set of results that COVID can be used as an explanation.
It's still all to play for and you either believe in the strategy or not. If you do, the potential upside is hundreds of percent, if you don't sell up
Imho, dyor
It's too early to judge performance of the US
Other than that,
How about similarweb?
Not doubt that is propping the figures up
Glad you brought that up superzero
Increased website visits and out performing the competition is one reason to think the strategy may be working
Looks like a good basis for new punters to take an interest
Bit like hope
Another year of submarine hobbies for the positive one.
Why would folk invest in this??
Trade it yes, but invest like the locked in ones
Some ramper clowns even claim to have hundreds of thousands trapped in here Sam, but happy waiting for the return of 'the good times' in the dim and distant.
Be better off earning a bit of interest in the post office (assume Horizon computer ok now?)
Locked in = lost opportunitys elsewhere
Growing sector
Declining company, becoming less relevant
The 'go to' has gone
Based on what superzero.
Sector is actually heading back to where it was during COVID. Boo may well do the same, especially with the Debenhams brand
Why not post something you can actually back up for once
Tradey.
Get your act together.
Your kick banging on about growth, make no wonder you are sending him to Haiti.
Lost opportunities for how many more years tradey?
Umar will be loving it
Soo pleased I a took a profit
Where else are we here, to be spectators on the death of a disruptor??
"Soo pleased I a took a profit"
Sure you did...........
Thank you buff
I trust you are in a position to do the same
Take it Sam, you are Sam12345 reinvented yet again!
"Thank you buff
I trust you are in a position to do the same"
Nope I could lie and pretend I was but what would be the point in that? I guess I could make out I make money on the markets no matter what and look like a champion in my own head but everyone would just see me as a silly ****.
My share trading is pure disposable income though so does not impact my daily, weekly, monthly or even yearly needs and wants. Which to be fair are fairly modest.
And isn't that the way it should be done.
Only put in what you can afford to walk away from.
Am happy to take small percentages off the table along the way
Not here for a rerate
Toffers
Not had that moniker thrown at me before!
Apparently I am one person with half a dozen monikers
If it keeps people happy..
New questions emerged over fast fashion firm Boohoo recovery plan this morning, as losses ballooned to £160 million and sales slid by double digits across all regions.
The online retailer, which also owns Debenhams and the PrettyLittleThing brand, reported a £160 million loss for the year to 29 February, up 70% on last year.
Revenue was down 17% to £1.46 billion, which the business said came "as group performance continued to be impacted by a difficult macroeconomic environment".
Weak consumer demand has only added to the problems facing Boohoo.
Like recent fashion casualty Ted Baker and on-the-brink Superdry, Boohoo’s clothes have been falling out of style. At the same time, it faces stiff competition from Chinese retailers Shein and Temu, which sell their clothes at prices that homegrown retailers have struggled to compete with.
The business has been pursuing higher margins, but the sales slowdown suggests that it’s struggling to do so without losing customers.
Yanmei Tang, analyst at Third Bridge, said:
“Investors want Boohoo to make profit, but raising prices due to inflation while customers face financial strain puts them in a tough spot.”
Julie Palmer, Partner at Begbies Traynor, warned:
“In today’s competitive landscape for fashion, that’s not going to be easy, especially as cheaper competitors continue to take market share and there is a growing shift away from fast fashion amongst younger generations who increasingly prefer to buy pre-loved garments.”
The slide in sales came across all regions, including an 18% decline in the US, which Boohoo had hoped to be a key part of its turnaround strategy. Boohoo said long delivery times have “undoubtedly impacted demand” in the US, but the company hopes that this will improve as it opens a new warehouse in in Elizabethtown, Pennsylvania.
Thats a mega loss Spidey isnt it.
Although in BOo's defence, it is somebody elses money they are losing currently.
Except they have to pay it all back by 2026.
The £75m portion in 2025.
They will probably pay that back with the £230m they still have on rcf.
In the meantime its costing £22m/year in lost fees/interest.
Wheres it all going to come from?
the back of BOO's sofa is bare.
And lenders are already unwilling to extend credit.
Pushing the day of deliverance into the near furture thats all they are doing.
Time to issue more shares & put the the company in to the debt free club while the SP is climbing. Then later follow up with a consolidation or buyback in 2026.
Just sale and lease back on the buildings and clear £140m of debt!
Level, please dont mention the "d" word. Some on here will have a little turn
Must be such a disappointment for the not so fab four today.
Maybe give yourselves a couple of hours off and enjoy the sunshine.
Can you see it from under your rocks?