Member Info for FED1

Yes you are correct BfD. The first £50m was from equity raise and second £47m was from office disposal.

https://otp.tools.investis.com/clients/uk/boohoo/rns1/regulatory-story.aspx?cid=798&newsid=1889547

https://otp.tools.investis.com/clients/uk/boohoo/rns1/regulatory-story.aspx?cid=798&newsid=1895886

I suspect the new CFO isnt happy with the terms of the RCF.

I am hoping that they are just trying to eek out a few extra million in interest income. You would imagine that at any one time, they probably have about £50m plus in pending refunds. If not more.

I went back to the debt refinancing RNS

New £222m debt refinancing successfully signed

They have a £97m term loan due in August. Was this paid off? Were they hoping to sell something? Any opinions on this?

"boohoo Group has agreed a new £222m debt facility (the "Facility") with a consortium of its existing relationship banking group. The Facility compromises of a £125m revolving credit facility that runs to October 2026 and a £97m term loan that is repayable by August 2025. The cost of the facilities are compounded SONIA plus a margin of around 400 bps and reduces the overall interest payable by the Group."

The response on TrustPilot says it takes two weeks to get processed and checked at warehouse (they use Evri). Then a further 5 days for refund.

I wonder if this is a new policy. Apparently Shein refund straightaway. I doubt it is anything to do with market place.

Considering Youth Brands are targeting those who are living hand-to-mouth, the refund timeframe does seem excessive.

I am a bit concerned that since March, there has been a large increase in negative reviews stating it is taking 3-4weeks to get a refund. Even at Karen Millen.

https://uk.trustpilot.com/review/www.karenmillen.com/transparency

Not saying it is a cash flow issue as customers do get refunded. However a little concerning.

I was looking at revenue forecasts for FY26 and next three years (consensus of 9 analysts).

The sell side seem to think revenues will stay a £1.2bn this fiscal year and for the remaining three years.

That seems a tad optimistic given current trends. I do not believe management will give flat revenue guidance in the results.

Im well aware that results will be terrible and your idiom is probably appropriate to describe Dan's delivery of the FY25 results.

I believe the share price reflects the points you have made in your post. That there will be continued revenue declines and that Deb's will not grow fast enough to stem the decline in the near term.

That's why we need a CEO who can convince the market that this can be turned around.

Reardon - may I ask where you got the information that results are tomorrow?

I bet Dan and his CFO are working on their presentation skills as we speak! I think he will rise to the challenge.

The bid-offer spread really opened up a short while ago.

I agree regarding share price action. It can gap down to technical levels on thin trade. I reckon the US market sentiment is more of a factor.

In theory, it should also be able to gap up!

I thought this was interesting. You can look at the reviews on TrustPilot over time and the distribution between 5 star and 1 star (New Reviews by Star Rating).

The negative reviews have now increased rapidly with the main complaint being the time taken to receive a refund.

https://uk.trustpilot.com/review/www.boohoo.com/transparency

https://uk.trustpilot.com/review/www.debenhams.com/transparency

To compare against rivals:

https://uk.trustpilot.com/review/www.asos.com/transparency

https://uk.trustpilot.com/review/www.shein.com/transparency

I think there is still a lot of nostalgia for the Debenhams brand and it is a shame it won't return to high street. It has left a void in many city centres.

I read the reviews on the app and actually they seem pretty positive. I tend to find TrustPilot is biased towards negative.

https://uk.trustpilot.com/review/www.debenhams.com

The issue seems to be with aftersales. Since it has adopted the WayFair business model, consumers have to deal directly with the third party sellers when things go wrong. Debenhams does not really facilitate.

Ultimately, I think the WayFair business model is right. Yes I would like to see a stronger player bring Debs back to the High Street as a bricks and mortar retailer. However, BOO are doing the right thing.

Let's face it. They have already announced -16% revenue growth for FY25. Dan has already said in Trading Update that Youth Brands are still in the stages of being turned around in FY26.

The bad news is out there and factored into share price.

The share price does not reflect a company with £1.2bn in revenues, it reflects a company with less than £1bn in revenues.

Of course they will dress it up. Dan needs to convince the market that this business is still relevant and that in the medium-term, it is undervalued.. Personally, I do believe that Debs is a relevant UK retailer.

Affiliate link…no doubt the watch brand pays.

Https://www.mirror.co.uk/money/shopping-deals/debenhams-slashes-price-1800-luxury-35312248.amp

Who pays for this ad? Debenhams or the crappy watch brand? Such a rip off of an Omega. I pity the Dad who gets this…lol

I’m expecting at least one positive surprise out of results.

Biggest risk would be very poor revenue/GMV guidance. Or exiting a region/business and another large writedown.

Dan needs to convince market that he can keep group revenues above £1bn, manage the debt load, and generate sustainable positive cash flow.

Oh - and will Kamani step down?

Https://otp.tools.investis.com/clients/uk/boohoo/rns1/regulatory-story.aspx?cid=798&newsid=1916294

The trading update was on 11 March. The poor results and low guidance for Youth Brands is already factored into share price.

Things I be looking at:

1) Actual revenue/GMV guidance

2) Other FY26 guidance

3) cash flow for FY25

4) Debt restructuring?

5) Update on business review (base case is: Debs / market place) - are there any disposals to release value?

6) Trading update for 1Q FY26

7) CM Day announcement

8) US tariff impact

9) Evidence that new marketplace strategy is working

Yep it be dangerous to short going into results. We already know headline figures. Let’s hope Dan delivers some good news to get this to pop!