Boohoo eyes £100m profit as online seller revives fortunes

Fast fashion firm Boohoo has set its sights on a £100m profit after emerging from years of consecutive losses. The London-listed firm, which owns Debenhams, Karen Millen and Pretty Little Thing, said its turnaround plans are “significantly ahead” of schedule after producing its first pre-tax profit since 2021. Boohoo has endured a rocky few years, facing intense competition from fast-fashion competitors like Shein and Temu, but has embraced swingeing cost cuts as part of its reinvention as an online platform for third-party brands. The online retailer posted a £28m profit in the six months to the end of August, overturning last year’s £18m loss, though revenue edged down three per cent to £410m. Boohoo told shareholders it hopes to deliver a £100m pre-tax profit and generate “significant cash” in the “medium term”. The Debenhams brand saw 14 per cent revenue growth to £364m in the period, as takings at Pretty Little Thing and Boohoo edged up one per cent to £369m.