Checkout
Boohoo Falls to Five-Year Low as Shoppers Return More Party Wear
- Sales growth may be half as much as previously forecast
- Shares drop as much as 20% to lowest level in five years
Boohoo Group Plc plummeted to a five-year low after the U.K. online clothing retailer slashed its earnings and sales projections because customers are returning more clothes and higher freight costs hurt demand from U.S. buyers.
Sales growth will be no more than 14%, down from an earlier projection of as much as 25%, Boohoo said Thursday. Demand is slowing down as shopping patterns come back to normal. The shares fell as much as 20%.