Boohoo likely to raise prices after pre-tax profits fall 94%

Boohoo said sales growth was likely to drop to less than 5% for the year to February 2023 amid ‘uncertain consumer demand’. Photograph: Ian West/PA

Boohoo has indicated its clothing prices are likely to rise this year after profits almost halved amid weakening consumer demand and rising costs.

The online fashion specialist said pre-tax profits fell 94% to £7.8m in the year to 28 February. Sales rose 14% to almost £2bn but growth was down more than 40% in the previous year, as deliveries overseas were held up by disruption to international shipping and wavering demand during the coronavirus pandemic.