Once a darling of the stock market, struggling fashion retailer Asos issued another profit warning alongside its third-quarter trading update this week.
While the fashion retailer set its sights on overseas domination, has it allowed its one-time immoveable crown to slip?
Asos reported a 28% increase in profit before tax to £102m for the year to August 31, 2018, but the City was already braced for trouble ahead.
Profit expectations for this financial year were initially expected to be much lower at £55m, and this week expectations were downgraded again to between £30m and £35m – marking the once indomitable retailer’s second profit warning in seven months.
The fashion market leader blamed “operational issues” in its US and European warehouses for the change in guidance.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.