Member Info for Spideystreet

"The writing is on the wall for them hence the silence around trading, everything coming out of BOO reads like a massive profit warning"

No sh*t!!!

Xmas will of been (cough) inline online lol!

Massive red flag indeed

That was the idea Franky and seem to recall it was a big heads up to Levison also.

Interesting times as to what will land next and a bit of a void till a market update from Boo.

Streamline to automation or these closures due to having utter dog egg sales also tied into the mix.

Certainly would tie in with the non update feeding through to the market and shorts still in full gear.

OK Spk carry on kiddo 👏

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Boohoo to close Daventry distribution centre

Boohoo Group is closing its Daventry distribution centre, a former Arcadia warehouse, putting around 400 jobs at risk, Drapers has learned.

BY ZOE HU

19 JANUARY 2024

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EXCLUSIVE

The etailer opened its distribution centre in Daventry, Northamptonshire in mid-2021 following the acquisition of Debenhams and Arcadia Group brands Burton, Wallis and Dorothy Perkins. It is the same site as Arcadia Group’s previous warehouse.

At the time, Boohoo Group said the centre would create around 1,000 roles in addition to the 330 Arcadia employees working at the site which transferred to Boohoo.

The company has two other warehouses in the UK, located in Burnley and Sheffield. The decision to close down the Daventry site follows the opening of its US distribution centre in Pennsylvania last year and a £150m investment in its Sheffield warehouse, which is now fully automated.

Drapers understands that around 400 employees at Daventry centre will be impacted by the decision and a consultation was launched late last year. Boohoo is also organising a careers fair for those affected, which will take place before the closure.

A spokesperson for Boohoo Group said: "For the past three years, our Daventry distribution centre has played an important role in Boohoo Group’s UK operation. We would like to thank colleagues for their hard work during this time.

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"As our business and customer needs evolve, the group has taken the difficult but necessary decision to close our Daventry operation and divert investment to other UK sites, in order to better serve our customers around the world.

"We are working closely with all affected colleagues to ensure they are fully supported throughout this time."

Earlier this month, Drapers revealed that Boohoo Group is considering closing its Thurmaston Lane factory in Leicester, which opened in January 2022, with less than 100 employees

They ain't legging it ,and a nudge up in asos and boo again.

Seems the lack of update is telling and the 20s get closer

Yes indeed Southcoast he did so it's s given then that this does not go lower to sub 30p then?

We shall see

Didn't yet another dowgrade land today via BOA?

One at 35p only a week or so ago and no update due for a while and shirts increasing so its easily likely that this re visits sub 30p

Not far off is it I'd say

Like I've said i can see 20s landing.

Shorts still increasing despite the optimism of JeremyP aka T4G

UK

Asos and Boohoo fail to update investors on festive trading

Published: 14:50 18 Jan 2024 GMT

Written by: Leo Grieco

About this content

ViewASOS PLC

LSE:ASC

ASOS PLC (LSE:ASC) and Boohoo Group PLC (AIM:BOO), the online fashion retailers, will not be updating shareholders on their performance over the festive period, furthering the concerns surrounding two of London’s most shorted stocks.

Investors would have been expecting a post-Christmas trading update from both companies around this period of January, but Shore Capital has revealed neither is planning to.  

Reporting festive figures is a common practice among listed retailers, who are often keen to highlight or warn shareholders about their performances during what is arguably the most important period of the year.

Boohoo claimed the lack of a festive update was due to its “ongoing effort to streamline its reporting processes and focus on more comprehensive updates at key milestones.”

Shore Capital experts say Boohoo’s decision leaves them having to “assume that present market expectations are set to be met.”

Asos confirmed it wouldn’t be providing investors with an update until March when it issues its first-half results.

Boohoo sits as the fourth most shorted London stock, with total short positions representing around 5.3% of the company's shares, data from ADVFN revealed.

Asos sits two places behind in the rankings, with a net short position of almost 4.2%.

In November, analysts at Stifel highlighted concerns over the group’s stock surplus, warning that being overstocked could lead to dented sales and gross margin erosion.

One investor who hasn’t been put off by the lack of communication is Mike Ashley’s Frasers, which upped its stake, once again, in Boohoo.

The UK retail giant confirmed it purchased more than £15 million worth of shares to lift its stake in the company to more than 21%.

Frasers is Boohoo’s largest public shareholder and has been topping up its stakes regularly in both it and Asos for several months now.

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Sorry LDLD but I see the 20s and so do BOA.

Lets see eh.

Pp1 ?? Because BOA downgrade boo..?

Bank of America cuts boohoo price target to 25 (30) pence - 'underperform'

Not very Rampy of BOA.

More downgrades a coming imv back to the 20s

Surprise rise in inflation to 4%

Inflation rose slightly to 4% in the year to December, against economists' predictions, according to the Office for National Statistics (ONS).

Economists had forecast a fall to 3.8% - but not for the first time in the last year they've been proven wrong.

It marks the first time the rate has increased since February 2023

Trading4good asking level5 🤦

Correct colossus.

Bring put the good news and all folks

Not rocket science is it

Or the ramping loons like yourself on here Doug.

How many top ups have you now acclaimed?

The Boohoorider citing honesty 🤣

In blind hope Level5 plods on

"Time for a new, lower, management 'incentive' plan i think. The last one aint working"

Would not surprise me Daytrade

Someone mentioned "Fool"???

Boohoorider (@theboohoorider) / X

https://twitter.com/theboohoorider