Dec 17, 2018

Opening Quote: Asos sees retail woes move online  

Retail gross margin to fall by c150 basis points from unchanged at 49.9 per cent previously. Capital expenditure re-phased down to c.£200m. As the City expected? No. Asos has been the darling of London's Alternative Investment Market - the online counterbalance to the retail sectors' woes. Today's warning comes after consultancy Springboard said that the number of people visiting British shops in November was the worst since the 2008 recession, with so-called footfall at retail parks and high streets down 3.2 per cent on the year before. Cat Rock has built up a 2 per cent stake in Just Eat over the past two years but appears increasingly worried about tougher online competition from rivals Uber Eats and Deliveroo. 26 per cent - fall in Just Eat's share price in 2018.2 per cent - hedge fund Cat Rock's approximate stake in Just Eat.$900m - Cat Rock assets under management.

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