Asos: shares tumble after profit warning

(CercleFinance.com) - Asos shares fell over 13 percent on Thursday after the British online fashion retailer warned of lower than expected growth ahead.


The company said it now expects sales growth for the financial year 2019/2020 to be "broadly in line" with year to date performance.

For the four months ended 30 June, total sales rose by 12 percent on a reported basis and by 11 percent on a constant currency basis.

In a statement, Asos said sales in Europe and US were held back by operational issues at its warehouses.

The group said that the "major" overhaul of infrastructure and technology in its warehouses has taken longer than anticipated, impacting stock availability, sales and costs.

The shares are currently down 13.7 percent in London.

Copyright (c) 2019 CercleFinance.com. All rights reserved.