Asos shares plunged more than 10 per cent today after the online clothing giant warned that its full-year growth would be just short of market forecasts.
In its latest trading update, Asos reported a 22 per cent rise in total group revenues to £823.9m in the four months to 30 June, while UK sales jumped 23 per cent over the period.
Nick Beighton, chief executive of Asos, added: ‘I am pleased with the way the business has traded over the last four months and we are on track with our plans for the year. We delivered good sales growth, particularly in the UK, better than planned gross margin alongside significant progress on our infrastructure investments.
‘P4 trading has started well, particularly in terms of full price sell through. We remain confident of delivering another year of strong growth.’
While ASOS and Boohoo continue to report robust sales growth, Britain’s traditional clothing retailers such as M&S, Debenhams and House of Fraser are closing stores.