Peel Hunt downgrades profit forecasts for six retailers due to Budget impact
Investment bank Peel Hunt has downgraded its profit forecasts for six retailers, including struggling fast fashion player Boohoo and cycling and motoring specialist Halfords, due to the effects of changes to national insurance made in the recent Budget.
Alongside Boohoo and Halfords, Peel Hunt also downgraded its forecasts for Pets at Home, THG, Pro Cook and Topps Tiles, warning the increase to employer national insurance contributions and the lower threshold at which businesses will begin paying it will have a big hit on profits.
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