This time last year signalled the start of a very bumpy road for Asos. After a difficult autumn – a peak trading period – the unthinkable happened.
The online fashion darling issued a profit warning in December, citing difficult trading conditions and falling consumer confidence for its first – but not last – downgrade of the financial year.
In the terminology of Asos’ 20-something customers, the City was shook.
During the year, the etailer was also eager to expand its global operations and attempting to open two warehouses – one in Europe and one in the US – at the same time.
That was something chief executive Nick Beighton says, in hindsight, was “over-ambitious” and the combination of factors put the retailer out of fashion in the City.
Another profit warning brought expectations down from an original expectation of £110m to between £31m and £35m for the full year – today’s results came in at £33.1m – and it appeared Asos might be starting to come apart at the seams.
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