LONDON, June 16 (Reuters) – British online fashion retailer Boohoo reported an expected fall in revenue in its latest quarter, reflecting higher product returns and a tough comparison with the same period last year when sales got a pandemic boost.
But the group, which sells clothing, shoes, accessories and beauty products aimed at 16 to 40-year olds, maintained its guidance for the full year.
Boohoo said on Thursday its revenue fell 8% to 445.7 million pounds ($540.8 million) over the three months to May 31.
It said UK sales fell 1%, but returned to growth in May.
The group said its international performance continued to be impacted by increased delivery times, with sales down 28% in the United States, down 9% in the rest of Europe division and down 15% in the rest of world division.
Gross margin for the quarter was 52.8%, down 220 basis points.
Boohoo warned last month that sales would fall in its first quarter.It forecast a return to growth in the second quarter and an improved performance in the second half.
Revenue growth for the full 2022-23 year is expected be “low-single digits”, custom sneakers with logo with adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) margins of between 4% and womens size 7 converse sneakers%.
Prior to Thursday’s update, analysts’ average forecast for 2022-23 adjusted EBITDA was 102 million pounds, down from the 125 million pounds made in 2021-22.
Shares in Boohoo have fallen 80% over the last year.
($1 = 0.8242 pounds) (Reporting by James Davey Editing by Jason Neely and Mark Potter)