Asos’ results loom large amid slumping sales that have left the company out of fashion with investors
Out of fashion: The results are expected to confirm an 18 percent decline in sales
Asos will be in the spotlight this week amid slumping sales that have left the company out of fashion with investors.
The online retailer’s shares have fallen 19 percent as it struggles to turn around its fortunes under CEO Jose Antonio Ramos Calamonte.
Analysts point to challenges such as supply chain concerns, consumer caution, bad weather in Britain and competition from the likes of China’s Shein.
The company will publish results on Wednesday that are expected to confirm an 18 percent decline in sales for the six months to March 3.
The boss says Asos aims to become a ‘faster and more flexible company’.
Guy Lawson-Johns, analyst at Hargreaves Lansdown, said: ‘Investors will be looking for signs that better times are ahead and that a return to growth is still on the cards in the final quarter of this year.’