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Future of British Business

Asos, Boohoo Sales Slow as Shoppers Face Inflation Crisis

  • Consumer surge in online spending during lockdowns unwinding
  • Costly customer parcel returns rising, hitting profit margins
Asos expects sales to grow 4% to 7% for the full year.

Asos expects sales to grow 4% to 7% for the full year.

Photographer: Nathan Stirk/Getty Images

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Two of Britain’s biggest online fashion retailers reported slowing sales in a fresh sign that the cost-of-living crisis in the UK is denting consumer confidence.

Asos Plc slashed its profit and sales guidance while Boohoo Group Plc recorded the first UK sales decline in its history as shoppers bought less online and returned more goods.