Asos Shares Plunge as Raised Spending to Weigh on Earnings
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Asos Plc, the U.K.’s largest online-only fashion retailer, fell the most in six months in London as the company reported slowing sales growth and said increased investment will weigh on earnings this year.
The shares slid 8.3 percent to 5,800 pence, the steepest drop since Sept. 17. Revenue rose 26 percent in the two months through February, London-based Asos said today, compared with 38 percent in the previous four months. Growth was affected by the weakness of the Australian dollar and Russian ruble.