Profits crash at online retailer Asos
Online retailer Asos has seen half-year profits crash 87pc to £4m (€4.6m), which it blamed on "temporary transition costs".
Sales grew 12pc at constant currency to £1.3bn (€1.5bn) in the six months to February 28.
The firm bemoaned transition costs largely relating to new warehouse capacity and a high level of discounting and promotional activity across the market.
Chief executive Boss Nick Beighton said: "We have identified a number of things we can do better and are taking action accordingly. We are confident of an improved performance in the second half and are not changing our guidance for the year.
"We are nearing the end of a major capex programme. Whilst this has inevitably involved significant disruption and transition costs, the global capability it now provides gives us increased confidence in our ability to continue to capture market share whilst restoring profitability and accelerating free cash flow generation."