Jul 15, 2021
Asos sales slow as travel restrictions limit need for holiday wardrobe
Young people cutting back on summer clothing purchases as they miss out on holidays and festivals because of Covid-19 restrictions have contributed to a slowdown in sales growth at Asos. "Many young people will spend as much on their holiday wardrobe as they do on the holiday itself," said chief executive Nick Beighton. Asos' share price fell as much as 14 per cent on Thursday after the company said sales growth had softened in recent weeks. Asos said trading in recent weeks had softened and that it expected sales in the final quarter of its financial year to grow at a similar rate to the 15 per cent reported for the same period a year ago. The DIY conglomerate has been a pandemic winner and its second-quarter sales were better than expected as homeowners - generally older than the core Asos customer - continue to spend money on their homes and gardens.
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