Asos sees big loss as shoppers spend less on fashion
Asos said in June that cash-strapped consumers were also returning more items bought online, hitting its profits.
Shares in Asos, which had slumped by 80% this year, climbed 12% on Wednesdayto regain ground lost over the past week. "Even this giant retailer is no match for the financial struggles tightening the belt on the industry," she said. Richard Hunter, head of markets at Interactive Investor, said Asos had "capped off a torrid year by swinging to a pre-tax loss as retail realities bite".
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