Asos: stock crumbles as results and outlook disappoint
(CercleFinance.com) - On Wednesday The online clothing specialist Asos announced H1 results that were below expectations and delivered targets that were deemed disappointing, causing its share price to slump over 13%.
The British group, which is accustomed to issuing profit warnings, announced sales that are down 8% to 1.84 billion pounds in H1 to end-February.
At constant exchange rates, sales even fell 10%, while the consensus was looking for a much more limited fall of around 6%.
Adjusted EBIT was -£69.4m, compared with a profit of £26.2m a year earlier, worst than the consensus, which forecast a loss of £40m.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The British group, which is accustomed to issuing profit warnings, announced sales that are down 8% to 1.84 billion pounds in H1 to end-February.
At constant exchange rates, sales even fell 10%, while the consensus was looking for a much more limited fall of around 6%.
Adjusted EBIT was -£69.4m, compared with a profit of £26.2m a year earlier, worst than the consensus, which forecast a loss of £40m.
Copyright (c) 2023 CercleFinance.com. All rights reserved.