Shares slump after Boohoo profit alert

ONLINE fashion retailer Boohoo has downgraded its full-year sales and earnings expectations after challenging autumn trading.

At one stage shares plunged more than 40% to 22.4p on the profit alert, later recovering somewhat to close at 25p, down 34%.

In an update the Manchester company, which floated on AIM last year, said that while it had ramped up its marketing spend in October sales growth had not risen in line with expectations due to competition from high street retailers.

It said: "We believe this... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...