UK-based online fashion retailer boohoo has reported that its revenue declined 17% to £729.1m ($885.76m) in the first six months (H1) to 31 August 2023, from £882.4m in the same period a year ago.

The company’s UK and International businesses reported revenue drops of 19% and 15%, respectively.

During the period, boohoo recorded a gross profit of £389.2m, down by 16% from £463.5m from the same period in the previous year.

Its gross margin for the period was 53.4%, up 90 basis points (bps) from 52.5% in the prior year.

The retailer’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) were £31.3m in H1, down by 12% from £35.5m in the same period of the prior fiscal year.

Boohoo posted an adjusted loss before tax of £9.1m in H1 and an adjusted loss per diluted share of 0.91p.

The company’s net debt at the end of the period increased to £35.0m from £10.4m in the same period a year ago.

Boohoo CEO John Lyttle said: "Over the first half, we have made substantial progress across key projects and initiatives, including the launch of our US distribution centre. We have seen significant improvements in sourcing lead times and invested in pricing to reinforce our value credentials.

“We have identified more than £125m of annualised cost savings that support our investment programme. Our confidence in the medium-term prospects for the Group remains unchanged as we execute on our key priorities where we see a clear path to improved profitability and getting back to growth."

For the full year of 2024, boohoo expects revenues to decline by 12% to 17% and adjusted EBITDA margins to be between 4% and 4.5%.