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Boohoo boss pockets £650k bonus despite plummeting profits

John Lyttle

Boohoo CEO John Lyttle has been handed a £650,000 bonus despite the group reporting a £90 million loss.

Lyttle, who has been CEO of the fast fashion retailer since 2019, took home £1.39 million in the year to February, The Guardian reported.

The sum was made up of his £651,000 salary and a bonus also worth around £651,000.

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However, owner Mahmud Kamani, who co-founded the company in 2006, took home £1 million, after receiving an annual bonus worth 100% of his salary.

The payouts came despite Boohoo diving into a £90 million loss in its full-year results ended 28 February 2023, compared to a pre-tax profit of £7.8 million in the same period last year.

Revenues slipped by 11% in the period from £1.98 billion to £1.77 billion, however, this figure is still ahead of the £1.23 billion the fashion retailer reported in 2020.

At the time, Lyttle said: “We will deliver sustainable returns on these investments.

“We will continue to give our customers the latest trends, outstanding value and a great experience. Our confidence in the medium-term prospects for the group remains unchanged, and as we execute on our key priorities we see a clear path to improved profitability and getting back to double-digit revenue growth.

Recently, the company also asked for a 10% discount on both delivered and undelivered clothing in a bid to cut costs in its supply chain, as well as asking suppliers in Turkey to revise some already agreed prices following recent benchmark changes achieved in Pakistan.

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