ASOS is set to axe 280 of its concession brands following ‘disappointing’ sales figures. The online fashion retailer has seen half-year profits tumble blamed on expansion costs and heavy discountin…
The online fashion retailer has seen half-year profits tumble blamed on expansion costs and heavy discounting for hitting its performance.The company saw pre-tax profits crash 87 per cent to £4 million, which it blamed on "temporary transition costs" linked to its warehouses in Europe and Atlanta.
"Some more established premium brands don't currently appeal to our 20-something customers and we have exited these, onboarding others that resonate better," a statement said.The company saw pre-tax profits crash 87 per cent to £4 million, which it blamed on "temporary transition costs"The company is also planning to introduce & Other Stories online this summer, along with Opening Ceremony and Margiela MM6.
In the US, ASOS was hit by staffing issues, resulting in a backlog of orders, while in Europe the group is automating its warehouse in Berlin. Boss Nick Beighton said: "We have identified a number of things we can do better and are taking action accordingly. We are confident of an improved performance in the second half and are not changing our guidance for the year.
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