Asos Sales Fall Again on Slow Turnaround of Fashion Retailer.

FASHION merchandising; STOCKS (Finance); CLEARING of securities; INTERNET stores; CLOTHING industry

Asos Plc, an online fashion retailer, experienced a significant drop in sales during the first half of the year due to the need to heavily discount unsold stock from the previous season. The company's sales fell by 18% in the six months leading up to March 3, which was in line with expectations. Asos has been facing challenges in recovering from the impact of the pandemic, as online shopping declined and consumers prioritized essential purchases over fashion. The CEO, Jose Antonio Ramos Calamonte, has implemented measures to streamline operations and reduce costs. Asos maintains its outlook for the current fiscal year, expecting a sales decline of 5% to 15% but positive adjusted earnings. [Extracted from the article]

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