British fast-fashion company Asos Plc warned that sales in August were weaker than expected due to the pressure of inflation on shoppers.
(Bloomberg) — British fast-fashion company Asos Plc warned that sales in August were weaker than expected due to the pressure of inflation on shoppers.
Profit for the year will come in at the lower end of guidance, with sales growth of only about 2%, according to a statement Friday.
It also cited a slow start to shopping its autumn/winter ranges.
“Asos remains cautious about the outlook for consumer spending,” the online retailer said.
Asos is having a difficult year and issued a surprise profit warning in June as the cost-of-living crisis sapped consumers’ spending power.
The company had already warned in April that its earnings goal was at risk from inflation and disruption from the war in Ukraine.
The company’s top management team is also changing again with Mat Dunn, who oversaw the business after Nick Beighton left last year, leaving and handing over to chief commercial officer Jose Antonio Ramos Calamonte as CEO.
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