Published
November 25, 2024
Boohoo Group has filed annual accounts for its Prettylittlething (PLT) subsidiary with the fashion e-tail operation swinging to a pre-tax loss of £6.5 million in the year to the end of February after it posted a pre-tax profit of £22 million for the previous 12 months.
That came as revenue plunged to £475. 8 million from £634.1 million, its accounts showed.
The company is well established in the UK, Ireland, the US, France and Australia, but actually sells to more than 100 countries in total through 12 local and international website websites.
Yet sales revenue fell in all regions with UK revenue down to £329.6 million from £362.2 million and European revenue excluding the UK down to £55.3 million from £62.7 million. Meanwhile in the US, it plunged to £67.5 million from £177.5 million and in the rest of the world it was down to £23.2 million from £31.5 million.
That said, the disastrous-looking American figure is because the company’s US operations were transferred to Boohooplc.com, which is incorporated in the US, in early August 2023. This coincided with the opening of its new distribution centre there so the numbers will be reported as part of that operation.
But that doesn’t detract from the fact that this is a bleak set of figures, even more so given that its order numbers fell to 19.1 million from 19.9 million and active customer numbers fell to 6 million from 6.4 million.
It would seem that PLT has been caught up in the problems affecting the wider Boohoo Group.
But it continues to focus on driving growth and plans to continue to develop the UK customer base while also growing international revenue, as well as developing the product range to offer more categories of clothing and therefore broaden its appeal.
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