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The exchange rate decline was likely the biggest Brexit-related factor.

• greglindahl 7y ago
  ... they should have hedged it for the packages people had actually purchased. That's what currency hedges are for. Prices going up do decrease sales, of course.
  • tomatocracy 7y ago
    They may well have hedged, I don’t think it’s clear. But I would point out the limits of hedging here - they’d have needed either collateral or someone to offer them credit terms on hedging to do that, neither of which were easily available to them.
  • billpg 7y ago
    A company with margins cut to the bone in the internet era should have spent money they don't have, just in case the UK government does something stupid that causes the currency to tank?
  • M2Ys4U 7y ago
    When you're almost £2 billion in the hole, how feasible is it to hedge currency?