UK-based online fast fashion retailer boohoo has reported total revenue of £1.76bn in fiscal year (FY) 2023, down 11% compared to £1.983bn in FY22.

During the period ending 28 February 2023, revenues of the company’s UK business declined 9% from 2022.

Its international business also registered a 13% revenue decline from FY22.

Boohoo saw its gross profit decline 14% to £895.2m in FY23 against £1.04bn in the prior FY.

The retailer’s gross margin dropped 190bps to 50.6% in FY23 due to Covid-19-related cost pressures.

Its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the fiscal was £63.3m, a decrease of 49% from FY22. Its adjusted EBITDA margin was 3.6%.

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By GlobalData

Boohoo CEO John Lyttle said: “Over the last three years, the Group has achieved significant market share gains. Looking ahead, we are investing for the future growth of this business with automation, local fulfilment capacity in the US and building global brand awareness.

“We will deliver sustainable returns on these investments. We will continue to give our customers the latest trends, outstanding value and a great experience. Our confidence in the medium-term prospects for the group remain unchanged and as we execute on our key priorities, we see a clear path to improved profitability and getting back to double digit revenue growth. 

“Our boohoo family has continued to deliver for our customers and the business and I want to thank them for all of their hard work and dedication.”

In FY24, boohoo expects its revenues to be between flat and a decline of 5% compared with FY23. It expects revenues for the first half to drop by 10% to 15%.

The retailer expects its adjusted EBITDA for the year ending 28 February 2024 to be between £69m to £78m.