Sep 9, 2022
Asos reports weaker August sales as inflation squeezes spending power
Fast-fashion retailer Asos has reported weaker August sales and said that it was "Cautious" about the outlook for consumer spending as inflation hits its customers' spending power. The retailer said it generated "Good growth" in June and July but sales in August were weaker than expected as inflation squeezed consumers' pockets to herald a slow start to autumn shopping. Asos warned on profits in June as it blamed accelerating inflation for an increased rate of product returns. Shares in London-listed Asos have tumbled nearly 72 per cent this year. Fashion retailers, such as Asos and its rival Boohoo, have struggled since the height of the pandemic as younger shoppers buy more products, try them on at home and return many of the goods bought.
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