Asos profits plunge, but ‘green shoots’ set to see earnings recover

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Online fashion group Asos has revealed mounting annual losses as it ploughs on with an overhaul, but said it was seeing “green shoots” start to appear. while necessary has not made for attractive financial results over the last two years Jose Antonio Ramos Calamonte, Asos chief executive But chief executive Jose Antonio Ramos Calamonte cheered “green shoots” in the performance of its new ranges in recent months, with sales of this “newness” up 24% year on year in the three months to September 30. Mr Ramos Calamonte said: “The medicine we have taken – reducing our intake, discounting to clear old stock and rigorously revising our operations – while necessary has not made for attractive financial results over the last two years. “We have already seen the green shoots in the performance of our new stock in recent months which gives us confidence that our new commercial model is delivering customers the right product at the right time.” He added that the pain from the turnaround will continue as it holds its nerve and presses ahead with stock clearance as a priority.