Asos Quarterly Profits Expected to be Weaker as Sales Decline
- Asos predicts underlying earnings of £40m-£60m for the current fiscal year
- Fourth-quarter revenues dropped 15% due to rainy weather in July and August
- The company is also struggling with increased consumer cost-of-living pressures
Asos has issued a warning that its full-year profits are expected to be at the lower end of guidance due to weaker summer sales.
The online fashion retailer, which has been facing declining demand, anticipates underlying earnings of £40 million to £60 million for the 53-week period ending on 3rd September.
During this period, like-for-like turnover decreased by 11% on a constant current basis as a result of slowing orders in multiple markets.
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