British online fashion retailer ASOS on Wednesday reported an 87 percent drop in first-half pretax profit, hurt by poor trading in the run-up to Christmas and logistical hiccups as it entered the U.S. market.
The company stuck to its guidance for sales, profit margins and capital expenditure for the full year as it invests heavily in its technology platforms and infrastructure such as warehouses and distribution centres.
Profitability fell over the first half due to discounting at the retailer, which sells own-label and branded fashion to a young client base through its website and app, but improved in the second quarter. ASOS's new U.S warehouse has struggled to cope with demand, hitting sales there and adding to challenges in France and Germany. The company issued a shock profit warning in December which sent its shares plummeting to a four-year low.
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