“Is our business 18% worse now than it was last week?” That is the question Asos chiefs were asking themselves following a trading update that sparked a share price rout, wiping out almost a fifth of its value within minutes.
The sell-off of a business that performed strongly before and during the pandemic, and which expects to deliver profits in line with City expectations, was brutal – and it looks overdone.
The share-price reaction to the four-month numbers reflected a raft of factors that combined to put the frighteners on investors.
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