Boohoo has announced a £160 million loss in its latest full-year results.

Over the 12 months ended 29 February 2024, the online fast fashion brand said that losses had increased by 69 per cent compared to the previous year, when it reported losses of £90.7 million.

During the 12-month period revenue was down 17 per cent, while gross profit declined by 16 per cent.

The fast fashion retailer said that it had struggled with “high levels of inflation” and “weakened consumer demand” across the year.

Boohoo boss John Lyttle said that the company is continuing to take action to bring the entire group back to profitable growth.

"In FY24, we completed our investment cycle with the launch of our US distribution centre and the successful delivery of our Sheffield Automation project," said the chief executive. "Sheffield is already delivering significant efficiency improvements, which, together with the traction of Debenhams marketplace, is generating margin improvement across the group."

He went on to say that the group has taken steps to transition several of its labels over onto Debenhams marketplace to drive improved profitability, adding that this has proved effective during the year.

"The group is now well positioned to return to growth, and we are focused on ensuring that growth is both sustainable and profitable," continued Lyttle. "We will host a capital markets day in due course to provide more detail on our strategy, key growth drivers and the longer-term outlook for the Group".

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