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Asos Profits Slump 68 Percent on Warehouse Problems

The online fashion retailer's shares have also fallen 49 percent over the last year.
Asos headquarters in London | Source: Courtesy
By
  • Reuters

LONDON, United Kingdom — British online fashion retailer Asos reported a 68 percent slump in full year profit, hurt by problems in ramping-up warehouses in the United States and Germany.

Asos, which issued its latest profit warning in July, said on Wednesday it made a pretax profit of £33.1 million ($42.2 million) in the year to August 31 — in line with July's guidance of £30-35 million but down from £102 million made in 2017-2018.

The group, whose shares have fallen 49 percent over the last year, said it had made "substantial progress" over the last few months in resolving its operational issues.

"Whilst there remains lots of work to be done to get the business back on track, we are now in a more positive position to start the new financial year," said Chief Executive Nick Beighton.

By James Davey; editor: Muralikumar Anantharaman.

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