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

Fast fashion retailer blames delivery disruption and wavering pandemic demand for increasing costs

Boohoo has admitted 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 pandemic.