Asos profits plunge 87% after difficult year
ASOS Online fashion retailer Asos has seen its profits plunge, after a difficult year caused by heavy discounting and website traffic issues. Asos' pre-tax profits fell 87% to £4m for the six months to 28 February against the same period in 2018. Chief executive Nick Beighton said that Asos had identified a number of things it "Can do better", and that heavy investment in its platforms gave the retailer "Increased confidence" that its performance would improve in the second half of the year. Asos said its financial guidance for the year remained the same. In December, Asos warned on profits, saying that cutting prices to match rivals had not led to a significant increases in sales.
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