Boohoo (LON:BOO) shares traded down nearly 10 percent on Thursday morning, after one of its chief executives sold over 4 million shares and reduced her stake in the business to just 4 percent.
The shares sold by joint CEO Carol Kane were worth around £10.7 million, selling for 230 pence each. The downwards push on shares came despite strong earnings reports released on Wednesday, with revenues and profits jumping 41 percent in the six months to August 31st.
The company maintained its current profit guidance, however, causing a share sell-off exacerbated by Kane’s divestment.
“The strong performance in the first half-year and our expectations for the second half have given us confidence to raise guidance for the full year,” said joint chief executives Mahmud Kamani and Carol Kane in a statement.
Investors failed to be impressed by the results, however, with shares falling on the results on Wednesday. Shares were down almost 10 percent by mid-morning, a move that was echoes early on Thursday.
Co-founder Mahmud Kamani and his siblings sold 36.6 million shares earlier this year, taking home around £80.5 million earlier this year.
Shares in Boohoo, who also own the Nasty Gal and Pretty Little Thing brands, are currently trading down 13.76 percent at 16.98 (1155GMT).
