**London -** Boohoo, a fast-fashion online retailer, has reported a pre-tax loss for the first time in its history, as sales fell due to the impact of the COVID-19 pandemic and supply chain disruptions..
The company, which owns brands including Boohoo, PrettyLittleThing, Nasty Gal, and Miss Pap, said that its pre-tax loss for the year ended February 28, 2023, was £16.4 million ($20.5 million), compared to a pre-tax profit of £92.2 million ($115.7 million) in the previous year..
Sales for the year fell by 10% to £1.98 billion ($2.48 billion), from £2.2 billion ($2.77 billion) in the previous year. The company said that this was due to a combination of factors, including the impact of the COVID-19 pandemic, supply chain disruptions, and rising inflation..
However, Boohoo said that it made progress in a number of areas during the year, including improving its customer offering, expanding its international operations, and reducing its environmental impact..
The company said that it is confident that it can return to profitability in the current financial year, as it continues to focus on improving its customer offering, expanding its international operations, and reducing its environmental impact..
**Financial Highlights**.
* Revenue: £1.98 billion ($2.48 billion), down 10% year-over-year.
* Pre-tax loss: £16.4 million ($20.5 million), compared to a pre-tax profit of £92.2 million ($115.7 million) in the previous year.
* Gross margin: 52.7%, down from 55.3% in the previous year.
* Adjusted EBITDA: £92.1 million ($115.3 million), down from £136.3 million ($170.9 million) in the previous year.
**Progress Made**.
* Launched new brands, including Debenhams and Karen Millen.
* Expanded international operations, with new warehouses in the United States, Australia, and Germany.
* Reduced environmental impact, by using more sustainable materials and reducing waste.
**Outlook**.
Boohoo said that it is confident that it can return to profitability in the current financial year, as it continues to focus on improving its customer offering, expanding its international operations, and reducing its environmental impact..
The company said that it expects to see a gradual recovery in sales in the second half of the year, as the impact of the COVID-19 pandemic begins to ease and supply chain disruptions are resolved..
