Boohoo Group Plc (BOO.L), a British online fashion retailer, on Friday reported a decline in Gross Merchandise Value or GMV and revenue for the first half.
The company also said John Lyttle, CEO, decided to step down. Lyttle will continue with the company until a successor is identified.
In addition, Boohooan said it decided to undertake a review of options for each division.
For the six-month period to August 31, the Group posted adjusted EBITDA of 21 million pounds, lower than 31 million pounds, recorded for the same period last year.
Revenue slipped to 620 million pounds from prior year's 729 million pounds.
GMV Pre Returns were 1.177 billion pounds, down from 1.270 billion pounds in 2023.
GMV Post Returns stood at 802 million pounds as against prior year's 861 million pounds.
The company said that it has signed a new 222 million pounds debt refinancing with a consortium of its existing relationship banking group.
The facility compromises a 125 million pounds revolving credit facility that runs to October 2026 and a 97 million pounds term loan that is repayable by August 2025.
Looking ahead, for the second-half, the Group expects a higher GMV and a stronger adjusted EBITDA, when compared to the first half, despite further investment into the brands to unlock shareholder value.
Boohoo Group is scheduled to release its earnings report in early November.
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