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ASOS blames warehouse issues for latest profit alert
Published by
Reuters

Less than 1m read

18 July 8.02am

Hargreaves Lansdown is not responsible for this article's content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest. Article originally published by Reuters.

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 30-35 million pounds after booking 47 million pounds of transition costs and 3.5 million pounds of restructuring costs.

According to Refinitiv data, analysts had been expecting pre-tax profit of 55 million pounds. It reported profit of 102 million pounds in 2018.

The group said its total sales rose 12% 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.

ASOS plc

Sell: 2,348.00 | Buy: 2,351.00 positive 20.00 (0.86%)
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Prices delayed by at least 15 minutes.

(Reporting by James Davey; editing by Kate Holton)


Copyright (2019) Thomson Reuters. This article was from Reuters and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

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Article originally published by Reuters. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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