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.
The post Boohoo boss pockets £650k bonus despite plummeting profits appeared first on Internet Retailing.
via https://AiUpNow.com May 26, 2023 at 05:03AM by Jasdip Sensi, Khareem Sudlow,
