Asos profits slump by 70 per cent as push to expand in US and Europe takes its toll
The IndependentFor 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. Ms Gulliver contrasted the performance of Asos with rival Boohoo, which reported a more than 80 per cent jump in pre-tax profit in the six months ending in August. Asos acknowledged shoppers’ growing appetite for bargains, noting that the UK market has been “more promotionally intense” over the last year – something that, it suggested, may affect future profits as well. September data from the British Retail Consortium and KPMG marked the slowest growth in online sales on record, while total sales fell 1.3 per cent from a year earlier. More specific data from Kantar showed that online sales of clothing and footwear dipped 0.2 per cent in the 24 weeks to 25 August compared with the same period last year – the first drop since the consultancy firm started collecting the data a decade ago.
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