What: UK fast fashion retailer managed to reassure markets in spite of a 11% loss in revenue.

Why it is important: Boohoo.com owns Debenhams, which still retains a footprint in many UK customers’ minds.

Shares in online fast-fashion retailer Boohoo rose by up to 12% after the company reassured investors about its growth prospects, despite reporting an annual loss. The UK group's revenue fell 11% to GBP 1.7bn in the year to February 28 due to the cost of living crisis and a return to physical stores post-pandemic.

Boohoo, which also owns Karen Millen and Debenhams, reported a pre-tax loss of GBP 91m, compared to a profit of GBP 7.8m the previous year. However, CEO John Lyttle said the group would reverse the decline in sales and losses this year.

The company is focusing on cost-cutting measures, including reducing stock levels by over a third, and is planning a significant US expansion with a new distribution centre to cut delivery times.

Boohoo reassures investors after slumping to loss