In common with many other direct commerce and online retailers, multi-brand operator Buy It Direct found the year ended 31st March ’23 to be challenging, impacted by the double whammy of falling demand and dramatically increased shipping costs.
Revenue fell to £354 million for the year to 31 March ’23, down from the £421.3 million achieved for the prior year. This resulted in a pre-tax loss of £13 million compared to the loss of £10.5 million for FY 21/22.
The business had continued to discount in order to reduce the high stock levels it had been left with by the effect of supply chain disruption and had also focused on reducing overheads.
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