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Boohoo says exposure to sterling plunge is limited – finance chief
LONDON, Sept 28 (Reuters) – British on-line trend retailer Boohoo (BOOH.L) stated on Wednesday its publicity to the latest plunge within the worth of the pound versus the greenback was restricted because it solely bought about 15% to twenty% of its inventory in {dollars}.
Chief monetary officer Neil Catto stated about 60% of Boohoo’s inventory purchases are made in sterling.
“So we’re indirectly uncovered to an excellent diploma there,” he informed Reuters.
“Normally we’re a web vendor of {dollars}. We take money in for our U.S. enterprise and we pay out {dollars} to suppliers, however really we’re taking more money in than we’re laying out.”
Catto was talking after Boohoo warned on full yr revenue.
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Reporting by James Davey; modifying by William James
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