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The share price of AIM-list online fashion firm ASOS (LON:ASC) plunged by 38.53% to 2,573p as it warned of deteriorating conditions during November. Retail margins during the three months ended 30th November fell by 160 basis points and management have adjusted their full year guidance from flat 49.9% margins to a 150 basis point drop. The expectations for sales growth were also cut from 25% to 15-20%.
CEO Nick Beighton said: “We achieved 14% sales growth in a difficult market, but in the light of a significant downturn in November, we think it’s prudent to recalibrate our expectations for the full year. We are taking all appropriate actions and our ambitions for ASOS have not changed.”