July 24, 2014

New Asos profit warning sends share price tumbling 30 percent

A new Asos profit warning, the second such action in three months sent the Asos share price tumbling by 30 percent on Thursday. The online retailer blamed its poor performance on the strength of the pound, having a negative impact on its international sales and forcing it to embark on a series of aggressive promotions.

Nick Robertson, Chief executive of Asos remarked that the performance of the retailer was ‘not what we had hoped for’.

Asos’s share price ended the day down by 31pc to end the day at 3,102.

The Asos share price is down nearly 50 percent so far this year.

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