Future Of British Business
Asos Plunges on Warning Revenue to Drop on Turnaround Efforts
- Sales to decline as much as 15%, online fashion seller says
- Asos is closing automated UK warehouse as stock levels fall
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Asos Plc shares slumped after the online fashion retailer forecast a further decline in revenue this year as the company presses ahead with a tricky turnaround.
The fast-fashion company expects sales to drop 5% to 15% with profitability and growth following the year after. The gloomy outlook came alongside a £297 million ($361 million) pretax loss for the year to Sept. 3.