Boohoo says exposure to sterling plunge is limited – finance chief
LONDON (Reuters) – British online fashion retailer Boohoo said on Wednesday its exposure to the recent plunge in the value of the pound versus the dollar was limited as it only purchased about 15% to 20% of its stock in dollars.
Chief financial officer Neil Catto said about 60% of Boohoo’s stock purchases are made in sterling.
“So we’re not directly exposed to a great degree there,” he told Reuters.
“Usually we’re a net seller of dollars. We take cash in for our U.S. business and we pay out dollars to suppliers, but actually we’re taking more cash in than we’re laying out.”
Catto was speaking after Boohoo warned on full year profit.
(Reporting by James Davey; editing by William James)