boohoo group plc Trading Statement Call Transcript
[Audio Gap] Q1 update conference call. At this time, I would like to turn the conference over to John Lyttle, CEO. Please go ahead.
Good morning, everyone, and thank you for joining us today for our Q1 trading update call. I'm John Lyttle, Group CEO, and I'm joined this morning by Neil, Carol and Mahmud. I'm going to take you through our Q1 trading update, which we released this morning and update you with progress made on our strategic priorities for the year. We will then open up the line for any questions.
So on to the results for the period. Revenues totaled $446 million, which is down 8% year-on-year, both in line with prior guidance as a result of tough comparatives, continued international service challenges and the annualization of higher return rates on year due to the significant change in product mix towards higher returning categories such as dresses and going out. Gross demand growth remained positive versus strong comparatives, up 9%, while net sales continued to be impacted by
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