The online fashion retailer says customers are spending less as the cost of living rises.
Asos said in June that cash-strapped consumers were also returning more items bought online, hitting its profits.
Shares in Asos, which had slumped by 80% this year, climbed 12% on Wednesdayto regain ground lost over the past week. "Even this giant retailer is no match for the financial struggles tightening the belt on the industry," she said. Richard Hunter, head of markets at Interactive Investor, said Asos had "capped off a torrid year by swinging to a pre-tax loss as retail realities bite".
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Microsoft 'cuts around 1,000 jobs' as big tech responds to tough global economyFinancial analysts expect the pace of job cuts to increase across big tech as the effects of surging inflation globally hurt appetite for big investments.
Read more »
MP backs scrapping tax cuts - shortly after defending tax cutsWatford’s MP has been told to stop “spouting the party line” after he backed the mini-budget U-turn having previously hailed its policies.
Read more »
Netflix: Big hits help reverse subscriber lossesThe company added over 2.4 million subscribers, reversing losses earlier in the year.
Read more »
More difficult decisions to come, says Hunt, as PM's economic plan ditched - BBC NewsTruss sits behind her chancellor in the Commons as he reverses tax cuts and scales back energy help - pillars of the PM's mini-budget.
Read more »
COVID pandemic caused changes to global mortality not seen in 70 years, say researchersEngland and Wales saw partial bounce backs from 2020 levels in 2021, while life expectancy in Scotland and Northern Ireland remained at the same 'depressed level' as 2020.
Read more »