Asos expects profit rise in next fiscal year due to cost-cutting and stock decrease efforts.
Asos, the UK's leading online fashion retailer, expects its profit to rise in the next fiscal year as the company's turnaround efforts begin to show results. Asos has been cutting costs and reducing its stockpile of unsold clothes, which it believes is key to getting the business back on track. The company has reiterated its outlook for the current year amid signs of improvement, with shares rising nearly 10% in early London trading. Despite this, they're still down 15% this year.
April 17, 2024
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