Shares of Manchester-based online fashion giant Boohoo fell as much as 12% on Wednesday after it said its revenue fell 10% to £882.4 million in the six months ended August 31, 2022, and warned it expects “a similar rate of revenue declines to persist over the remainder of the financial year if these conditions continue.”

First half loss before tax was £15.2 million compared to a profit of £24.6 million in the prior year period.

Boohoo shares are down almost 90% for the last 12 months – taking its stock market value down to around £412 million.

In its outlook, Boohoo said: “As a result of the impact that the macro-economic and consumer backdrop has had on the group’s revenues in the first half, our expectation is for a similar rate of revenue declines to persist over the remainder of the financial year if these conditions continue.

“Increases in inflation-driven costs as well as the resultant operational deleverage from lower sales than previously anticipated mean that adjusted EBITDA margins are likely to be between 3% and 5%, compared to the previously guided range of 4% and 7%.”