Apr 10, 2019

Asos profit shrivels in ‘disappointing’ half

Asos has posted a near-90 per cent tumble in half-year earnings in what it acknowledged was a "Disappointing" first half, but retained investor confidence as it maintained full-year forecasts and said it was positive about recovery. "We have identified a number of things we can do better and are taking action accordingly. We are confident of an improved performance in the second half and are not changing our guidance for the year." Asos shares rose almost 17 per cent before falling back to sit 10 per cent higher at midday in London as investors remained upbeat about the company's outlook. Staffing at the site in Atlanta has since been doubled to cope with demand, and Asos said performance should improve in the second half. Asos shares have more than halved during the past year after its previously stellar growth record was sullied by slowing sales growth, shrinking margins and continued heavy levels of capital spending.

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