Saturday 17 August 2019

Asos blames warehouse issues for latest profit alert

Asos reported profit of £102m (€113m) in 2018.
Asos reported profit of £102m (€113m) in 2018.
Independent.ie Business Desk

British online fashion retailer Asos warned on profit for the third time in eight months on Thursday, blaming operational issues as it overhauls its warehouses in the United States and Europe.

Asos said pretax profit for full-year 2019 was now expected to be £30-35m (€33m-€39m) after booking £47m (€52m) of transition costs and £3.5m (€3.9m) of restructuring costs.

According to Refinitiv data, analysts had been expecting pre-tax profit of £55m (€61m).

It reported profit of £102m (€113m) in 2018.

The group said its total sales rose 12pc in the four months to June 30.

For the balance of the year it forecast sales broadly in line with its year to date performance.

Reuters

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