Asos said trading in the UK remained strong but it was facing greater costs as it grappled the problems overseasShares in the online fashion retailer Asos lost more than a quarter of their value when trading began on Thursday after it issued a profit warning.
The company said it had been hurt by a major overhaul of infrastructure and technology at its US and European warehouses. It complained the programme had taken longer than expected, hit the availability of stock and therefore sales - raising its costs in the process. Its update, covering the four months to 30 June, showed a 12% rise in total sales compared with the same period last year.But chief executive Nick Beighton said annual pre-tax profits were now expected to come in between £30m and £35m - compared with pretax profits of £102m last year.
It was partly a result of the company raising its estimate of costs for the warehouse transition work from £35m to £47m.
Why haven't you covered this Tory Party antisemitism, caught on video, from 4 months ago?
No idea why they are in trouble...
Got greedy rather than sticking to the original company ethos. No sympathy. BooHoo miles better
It won’t get much better. I’ve got 4 deliveries to send back 🤭
Terrible company........ Ongoing issue for 3 months now........ ASOS_HeretoHelp can you resolve or you still ignoring me?
Another death by amazon :(