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.
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