Asos reports 18% drop in first-half sales due to business overhaul, reducing stock levels by 30%.
Online fashion retailer Asos reported an 18% drop in sales for the first half of the year, due to efforts to overhaul the business. Sales fell by around 18% in the six months leading up to March 3, which was attributed to reducing stock levels by about 30% compared to last year to get the right amount of stock. Despite the fall in sales, the company kept its predictions for full-year sales to drop between 5% and 15% and maintained profit guidance. Asos is focusing on cutting costs, improving profits, and being quicker at adopting fashion trends.
March 26, 2024
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