Not great22 Nov 2024 17:44
Fresh light has been shone on Boohoo’s financial struggles amid its ongoing battle with billionaire Mike Ashley.
The financial performance of some of the Manchester-headquartered group’s most well-known brands have been revealed including Prettylittlething crashing into the red and sales being slashed at Nastygal.
While Boohoo reports its group results to the London Stock Exchange, the financial accounts of its other brands are only published in detail once a year on Companies House.
The accounts have been filed as Boohoo fights to stop Mike Ashley’s Frasers Group gaining control of its operations.
Earlier this year, Burton, Dorothy Perkins, Wallis and Oasis reported their financial performance separately but their operations have since been taken on by Debenhams.
Debenhams is not due to file its accounts with Companies House until the end of this month.
In its most recently-filed results, Debenhams slashed its losses thanks to a surge in its sales of more than £30m.
The latest accounts for Coast have been filed with Companies House but are not yet public.
The wider Boohoo group recently posted a revenue of £807.8m for the six months to 31 August, 2024, down from £861.5m.
Its pre-tax loss also widened from £36.6m to £147.3m.
For its year to 29 February, 2024, the group’s revenue was cut from £1.76bn to £1.46bn while its pre-tax loss went from £90.7m to £159.9m.
Read More: Frasers tells Boohoo Mahmud Kamani must go: ‘His title might have changed but his grip has not’
Prettylittlething crashes to a loss
For the year to 29 February, 2024, Prettylittlething fell to a pre-tax loss of £6.5m, having posted a pre-tax profit of £22m in the prior 12 months.
Its revenue was also slashed from £634.1m to £475.8m, according to accounts filed with Companies House.
Prettylittlething’s UK revenue decreased from £362.2m to £329.6m while it fell from £62.7m to £55.3m in the rest of Europe.
In the USA, its sales was slashed from £177.5m to £67.5m and they dipped from £31.5m to £23.2m in the rest of the world.
The USA sales figures was cut because they only count revenue ip to 8 August, 2023, when the operations were transferred to Boohoo itself.
The number of active customers fell from 64m to 6m while the number of orders dipped from 19.9m to 19.1m.
Read More: Boohoo co-founder replaced amid battle with Mike Ashley’s Frasers Group
Prettylittlething said: “The company saw revenue decline in all markets in the financial year as consumers were impacted by high inflation and cost of living challenges across all markets.”
On its outlook, it added: “The company continues to plan for a challenging external environment.
“Revenues are expected to decline as demand factors that impacted performance in the second half of the previous financial year continue to persist.
“These are anticipated to begin normalising in the second half with the company benefiting from the investments being made across price, prod
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