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Asos shares fall 14% on poor outlook | |
(35 minutes later) | |
Shares in online fashion firm Asos have fallen 14% in early trading after it downgraded its profit forecast for the coming financial year. | |
The retailer said it expected profits for the 12 months to August 2015 to be "at a similar level" to the year recently ended. | |
It also said that a fire at its main warehouse in Barnsley in June resulted in lost sales of £25m to £30m. | |
But insurance payments meant annual profits would meet forecasts, it said. | |
In the three months to the end of August, its sales went up by 15% overall. UK sales saw a 33% increase, while international sales rose 6%. | In the three months to the end of August, its sales went up by 15% overall. UK sales saw a 33% increase, while international sales rose 6%. |
The Barnsley warehouse is the firm's major global distribution centre. | The Barnsley warehouse is the firm's major global distribution centre. |
Asos said at the time that the fire had affected about 20% of the stock held at the site. | Asos said at the time that the fire had affected about 20% of the stock held at the site. |
The fashion firm said about 70% of its total stock of £159m was held at the warehouse. | The fashion firm said about 70% of its total stock of £159m was held at the warehouse. |
The fire came just two weeks after Asos issued a profit warning, blaming the strength of the pound, which hurt overseas sales and forced it to launch a series of promotions. | The fire came just two weeks after Asos issued a profit warning, blaming the strength of the pound, which hurt overseas sales and forced it to launch a series of promotions. |
But in its latest statement, the firm hailed its "strong" UK performance and said profits before tax for the year would be in line with market expectations. | But in its latest statement, the firm hailed its "strong" UK performance and said profits before tax for the year would be in line with market expectations. |
"In the new financial year, we'll make significant investments in our international pricing and proposition, as well as in our logistical infrastructure and technology platform," said chief executive Nick Robertson. | "In the new financial year, we'll make significant investments in our international pricing and proposition, as well as in our logistical infrastructure and technology platform," said chief executive Nick Robertson. |
"As a result, we expect profit before tax for the year to 31 August 2015 to be at a similar level to 2013-14." | "As a result, we expect profit before tax for the year to 31 August 2015 to be at a similar level to 2013-14." |
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