Asos issues profit warning as it ends hunt for chief

Asos has issued another profit warning, with the online fashion retailer blaming rising inflation for a growing rate of product returns, as it announced an end to its eight-month search for a new chief executive. The UK group has promoted José Antonio Ramos Calamonte, currently chief commercial officer, to the top job. The latest alert follows a warning in October last year, which led to the departure of former chief executive Nick Beighton. Mat Dunn, formerly chief financial officer, has run the company as chief operating officer since then but had indicated that he did not want the top job. It did not alter its previous guidance for sales growth in the low single digits and underlying profit margins of 4-7 per cent.

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